While it is evident that there is a housing boom is in the nation’s capital, a notable scenario is the cost of real estate cost that seemed to be increasing by 200% every year. At one stage a few years ago, cost of houses in Prime areas such as Boroko were around two hundred thousand kina now the average cost is about seven to eight hundred thousand kina. It is obvious that is due to the market force of higher demand and shortage in supply.
Just the other day I was at the National Housing Corporation (NHC) to have a look at the sample kit houses imported mostly of Asian and Canadian origin. To be precise, a one bedroom house will start at around two hundred and fifty thousand kina whilst a three bedroom will be around three hundred thousand. The NHC have their own projects yet to be realized but on the other hand housing schemes at Nine Mile and Eight Mile are some that are currently available but the costs are still too high an average Papua New Guinean. Hopefully the price will stabilize when the supply meets the demand. In the meantime settlements continue to sprout all throughout the city as well as the country.
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