The recent influx of people and investment into the National Capital District (NCD) has sent demand for housing through the roof, changing the area’s social and economic climate in ways that have severely tested the regulatory framework that currently governs the construction and real estate sector.
After a wildly successful five-year run on the back of heavy investment that came with the global economic recovery, the real estate sector in Papua New Guinea is moving out of the fast lane. Growth in property values is slowing and demand is starting to cool. The unprecedented demand spike linked to ExxonMobil’s $19bn PNG liquid natural gas (...
Despite experiencing double-digit growth in 2011, Papua New Guinea’s construction industry is operating with increasingly restricted supplies of both materials and skilled labour. Surveys conducted by the Bank of PNG predict a decline in employment growth amongst the building and construction sectors in 2012, but the government has cautioned that...
A decade of solid growth on the back of high commodity prices, strong financial institutions and ExxonMobil’s $15.7bn investment in a liquefied natural gas (LNG) production facility have transformed Papua New Guinea’s economy. Confidence remained high ahead of elections in 2012, despite the political volatility, and the property market, a weather...
In 2011 Papua New Guinea’s economy was expected to experience 8.9% growth, driven primarily by the development of the $15.7bn ExxonMobil-led PNG Liquefied Natural Gas (LNG) project and its knock-on effects in the construction and related economic sectors. Further growth in 2012 will represent 12 years of uninterrupted economic expansion, and PNG’s...
Although it has 470,000 sq km of territory, just 5% of Papua New Guinea’s land is available for economic development, according to the National Research Institute (NRI). This long-standing paradox has impeded economic progress. However, a recent amendment issued in 2012 to the 2009 Incorporated Land Group (Amendment) Act (ILGA) provided the catalyst...
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