Property report

WITH CARMEL PILOTTI | PHOTOGRAPH: GODFREEMAN KAPTIGAU

Coming onto the market this quarter are two luxurious, upmarket developments, including the long-anticipated Rangeview complex on Waigani Drive, adjacent to the NCD City Hall.

The K300 million Rangeview commercial and residential property is owned by Nambawan Super, Lamana Development and the National Capital District Commission (NCDC). It is already 90% full and offers a world-class shopping experience and 88 apartments.

Rangeview’s commercial arm will also house a 24-hour international medical centre and five restaurants.

Residences range from two- and three-bedroom townhouses for rent from K2500 a week.

Away from the city centre is the Coast Watchers Court residential development – a fitting name for the magnificent views of Ela

The K300 million Rangeview development on Waigani Drive.

Beach and APEC Haus from one of Port Moresby’s most sought-after

locations on Konenamo Crescent, Touaguba Hill.

With villa options at K4100 a week, and three-bedroom apartments at K3900, tenants also have use of a newly built, fully equipped gym, monthly electricity provision, six gas refills annually, fully kitted apartments, an internet package and cable television.

To find out more, go to Strickland Real Estate, sre.com.pg.

The recently released 2022 Hausples Real Estate Survey found that housing behaviour during the pandemic last year is an indicator of a resilient local property market with an increase in property buyers, almost doubling from 3% to 5.75% in 2022.

There was, however, a slight reduction in those looking for investment properties, according to the survey.

As large numbers of expatriate workers living in Papua New Guinea were repatriated due to the pandemic during 2020 and 2021 and demand dropped significantly, the survey says the market became moderately more affordable. In addition, several housing projects in Port Moresby should be coming online later this year and in 2023.

For the majority of Papua New Guineans, the market remains unaffordable, and a lack of developable land is a major issue. Prices are also affected by yield, calculated as the total annual rental income as a percentage of the property’s value.

As the survey found, unsurprisingly the single most crucial factor when buying a home is the price. Location comes second, followed by security and finally quality and return on investment.

The survey received feedback from 3000 respondents, improving the accuracy of results by 50% compared to past years.

The number of participants aged between 31 to 40 increased sharply and there was a reduction of respondents aged under 30, suggesting that the property consumer population is moving into the more mature and financially established market, and supporting other survey results that show a lack of suitable housing for young adults.

To find out more, go to hausples.com.