Property for sale in Port Moresby

1/ Port Moresby

Port Moresby is the capital of Papua New Guinea. Around 300,000 inhabitants live in the city. The climate varies depending on the season between dry and tropical wet. Get more information on property for sale in Papua New Guinea.

Port Moresby refers to both the the National Capital District and the urbanized area. The main businesses are in the area known as "Town". Other neighbourhoods of Port Moresby include: Koki, with its popular fresh produce market, Badili, Kaevaga, Matirogo, Kira Kira, Three Mile, Newtown, Kaugere, Korobosea, Four Mile, Boroko, one of the main shopping areas, Gordons North, Saraga, Hohola North, Erima, and Morata.

2/ Views on the Port Moresby real estate :

Prices of house and rental fees in Port Moresby have skyrocketed beyond the reach of 90 per cent of wage earners.

A survey by the Post-Courier on some properties that are managed by real estate agents has shown that many properties in downtown Port Moresby and Boroko are being rented for PGK2000 [US$80.00]and above per week and their selling prices were between K3.5 million [$US1.4 million] to K4 million [$US1.6 million].

Others throughout the city are going for PGK350 to K600 [$US140.00-240.00] per week even in locations regarded as notorious in the past. Settlements around the city are renting rooms for PGK150 [US$60.00] a week with common kitchen and ablution blocks. While there were many reasons for the rise, the main one according to a real estate expert was a housing shortage and the need for new houses to be built.There are reports that many expatriates who had "gone finish" had bought two to three properties and hired real estate agents to manage their property for sale in Port Moresby while they were out of the country, and returned just to withdraw and fly out again. Despite this price increase and apparent mechanical capital growth, property investors need to be aware of the difficulties of purchasing real estate in Port Moresby as property rights are different to Western European or North American standard procedures. Legal advice by an internationally recognized law firm is key throughout the purchase.