A real estate owner in Lae says medium income earners are being forced to rent accommodation inthe city’s settlements known for their high crime rates.
Residents can expect to see no relief inthe coming years as housing rentals inthe industrial hub of Papua New Guineaare rise to peaks that will not be affordable for most.
Entrepreneur, Mus Palang, built several units in Bandi camp and area that has beenthe scene of recent violence. He says most people who rent his property atthe Bandi-camp area are mostly middle-income earners.
“The middle people are feelingthe pinch,” said Palang.
Palang saidthe government’should set policies that provide a safety net for middle-income earners.
Housing is becoming a lucrative business where small to medium entrepreneurs havethe opportunity to make substantial amounts of money.
PNG’s Real Estate Association President Mike Quinn said that rental prices are at a constant butthey are expected to rise inthe next two years due to new resource projects.
“Our biggest stimulant isthe mining. We havethe LNG project andthe Morobe Mining Wafi- Gold Project.”
Quinn and Mus both agree thatthe biggest problem isthe shortage of land that makes it hard to build new homes.
Betthe growth is also burdening ordinary Papua New Guineas – many of whom can’t buy homes or afford decent accommodation.
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