by Vasinatta Yama – EM TV, Port Moresby
A review by the Independent Consumer and Competition Commission, in 2009, has identified key challenges faced by the Real Estate industry.
It has also set recommendations and implementation strategies to address housing problems in the country.
ICCC held a workshop to discuss the formulation of the Draft Codes of Conduct, for the Real Estate and Residential Building Sectors.
The review covered a wide range of issues relating to housing and Real Estate Industry in the country.
Heated discussions were made by ICCC and Real Estate Industry stakeholders during the workshop, which was held at the National Research Institute in Port Morebsy.
Housing shortages and rental rates were not part of the discussion as a report was already presented to the Government.
Following the request of then Treasury and Finance Minister, Peter O’Neill, to address the critical shortage of housing PNG was facing, and fostering the growth of the Real Estate Industry and the national economy, a comprehensive review of the ‘Industry’ was conducted by ICCC in 2009.
Upon completion in 2010, reports were compiled, and this year the preliminary draft of the Code of Conduct for the ‘Industry’ was released for comments from the Government and stakeholders.
One of the recommendations, one was in relation to the consumer protection aspect. Currently, there are no regulative governing laws to enforce within the real estate industry. The industry is pushing for ICCC to develop new governing laws for them and their consumers’ interests.