Key stakeholders of the Real Estate Industry in PNG have endorsed a draft report that will be presented to Government to review later this year.
In a seminar held in Port Moresby last week, the stakeholders including the Constitution and Law Reform Commission (CLRC) highlighted the urgent challenges surrounding the industry.
These include the lack of strong policy, legislative framework, outdated laws and overlapping administrative and regulatory functions.
CLRC Secretary Dr Mange Matui said PNG’s Real Estate Industry has huge economic potential but the regulatory regime is weak, disjointed and loose to enable the industry to unleash its potential.
“As a result, the real estate industry has been subsumed to the whims of market forces, creating unjust outcomes,” he said.
The report also highlights other associated issues on political interference and bureaucratic corruption, mismatch in supply and demand, income disparity, high costs, urbanization, migration and settlements, land scarcity and accessibility, informal home rent business, lack of skilled labour, quality of construction materials and poor designs and decentralizations.
All these are experienced throughout the country, especially in urban areas like Port Moresby where land grabbing, illegal settlements and high costs of substandard housing are on the rise.
Dr Matui added the recommendations address the issues legally, economically, administratively, and socially in terms of a proper policy.
“The recommendations are basically about how we as a country bring together the different pieces of laws, policies and functions of different key players in the industry to properly and effectively manage, coordinate, and regulate the industry for the ultimate gain,” Matui said.
The report will be presented to NEC towards the end of the year.
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