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...
The year 2011 was a period of mixed fortunes for the construction industry. Although residential development was in strong demand – boosted by incentives such as government exemptions on property registration fees – construction work in other segments was less forthcoming. Government capital expenditures were restricted and banks remained risk-...
Government incentives on residential purchases helped the real estate sector make significant progress in 2011. According to the Department of Land and Surveys (DLS), it grew by 7.5% from JD5.98bn ($8.4bn) in 2010 to JD6.4bn ($9bn) in 2011. By contrast, real estate agents reported a difficult year for non-residential activity, as office space...
With a push to increase its stake in a growing Middle Eastern tourism market, Jordan has undertaken a number of construction projects that are being led by both international and local contractors. While the global financial crisis and regional property crash still cast a shadow, signs in late 2011 and early 2012 indicate that the clouds are...
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