Real Estate Inquiry Needed

There is a need for an inquiry into the real estate and housing industry in the country, says the Independent Consumer and Competition Commission (ICCC), CEO and Commissioner Paulus Ain.

He stressed that the government is yet to implement the recommendations from a report put out a decade ago.

Ain said the urban Real Estate and Housing Industry has been a grave concern for the ICCC.

He made these remarks at the launch of the ICCC’s housing Policy on Friday.

“In 2009 the ICCC was tasked by the Government to conduct a review into the industry, however, to date, most of the recommendations from the 2010 PNG Housing and Real Estate Industry Review Final Report are yet to be implemented to address the rising cost of housing in PNG, especially in urban areas.”

According to Ain, rentals and housing prices continue to increase every year making it unaffordable for most citizens, particularly the hard-working public servants.

“It’s been 10 years since the last inquiry into the housing and real estate industry, the current state of housing and the real estate industry warrants the need for another Inquiry into the industry, however, this will require a direction of the Treasury Minister or Parliament to enable the ICCC to undertake the Inquiry.”

“This Inquiry, if undertaken, will assist the Government to identify measures that need to be undertaken to address the rising cost of urban housing in the country.”

He added that following the Inquiry, and if required, the appropriate market segment of the industry may be declared for price regulation or monitoring preferably under the ICCC Act or Prices and Regulations Act. 

Melissa Wokasup