Results of Papua New Guinea’s 2018 Real Estate Survey Released
The 2018 edition of the Papua New Guinea Real Estate Survey, conducted by Hausples.com.pg, has been released and can be downloaded by clicking on the link below.
Hausples launched the first PNG real estate consumer sentiment survey in 2017 after identifying a lack of information about consumer preferences on various aspects of the real estate industry. The 2018 edition of the survey provides more in-depth insights about the current state of the PNG real estate sector; such as demand in specific suburbs, market buying power, and an analysis of changes in trends since the 2017 survey.
Similar to the preceding survey, the 2018 questionnaire was distributed electronically to the Hausples.com.pg database and social network followers, resulting in over 2,000 respondents over a three week period in February 2018. The interviewees were predominantly Papua New Guineans, with minority representations from Australian, Chinese, Malaysian and American nationals.
Whilst some of the results in 2018 were in line with those registered in 2017, the overall population’s sentiment toward buying versus renting a home has changed somewhat - providing an interesting overview about this years general needs. Indications show a significant increase in middle-income earners across the market, indicating a positive forecast for property sales yet with a general inclination to spend more time looking for a property before committing to the purchase.
With respect to housing preferences and purchasing power, the 2018 survey has focused on providing more in-depth insights about the local market. For example, high-set housing, particularly in independant allotments or as part of a new development, are in the greatest demand. Comparatively, there is an increase in demand in the affordable segment of the market; with more people willing to spend between K200,000 and K400,000 on purchasing a property.
When it comes to the rental sector, participants perceived it as costly but still more affordable compared to purchasing a property. In line with last year’s results, demand for good quality but affordable rental accommodation remains high, specifically in popular areas of Port Moresby such as Boroko and Waigani, which respondents rated as the most preferable areas to rent or buy a property.
CEO of Hausples, Mr. Mathew Care,recognizes that, “This year’s survey results indicate an unchanged willingness to purchase properties in highly sought after areas of Port Moresby such as Boroko and Waigani; but also a longer time frame before committing to a purchase.” He also added, “We believe that property seekers need a longer time period to find their dream property and secure finance. This is understandable considering the average cost of housing in PNG remains very high”.
Care added that, “The 2018 PNG Real Estate Survey, together with the revamped Hausples.com.pg website, provides an opportunity for those involved in the real estate sector to plan and create opportunities for quality and affordable housing options for Papua New Guineans. We therefore encourage everyone to download the full report”.
The survey also explores financial and insurance literacy, providing results on how people feel about obtaining a home loan or insuring their property. Understanding how superannuation can be used as equity, for example, or accessing First Home Ownership Scheme Loans, is now becoming common knowledge thanks to events such as the PNG Real Estate Show.
Mr Tom Snelling, the General Manager of Hausples, has specified, “Hausples was founded in 2013 with a vision to provide comprehensive and easy to access, one-stop-shop for consumers and providers alike. With the 2018 PNG Real Estate Survey we aim to provide the real estate industry with up to date and in-depth data which can be used by agencies, developers and banks to improve their services and to give the general public an outlook about the current state of the market.”
There will be further opportunity for queries or suggestions regarding future surveys during the second annual Hausples Real Estate Show at the Sir John Guise Indoor Complex on Friday 1st and Saturday 2nd of June 2018 - where copies of the survey will be made available to the public.
You can download your FREE copy by clicking the button below.