Posted By Staff Reporter
Did you know that real estate agents in PNG and largely unregulated?
For those new to house hunting in PNG, whether it be to buy or rent, it may come as a surprise to learn that Papua New Guinea’s real estate industry is unregulated by the government. Unlike in many other countries, any individual or company can represent themselves as a real estate agent and begin selling land, houses or even development sites; the sky really is the limit. Whilst the unregulated nature of the industry is of benefit for those budding sales people and entrepreneurs, it does present a challenge for the person seeking the perfect home to rent or development site to purchase. In this article we discuss some of the things to be aware of when conducting your property search to make sure you achieve your goals and avoid being scammed. Start your property hunt off the safe way When you start your property search it’s important to plan your strategy well from the start. Avoid the temptation to immediately put a request on Facebook or ask friends; this is a sure fire way to get caught up in ‘private deals’ that unfortunately often go wrong. Instead, you should begin by looking at either individual real estate agency websites (such as Century 21 Siule or Strickland Real Estate) or a real estate portal such as Hausples.com.pg. As many real estate agencies in PNG do not have websites, portals aggregate all of the property for sale or rent in a single site. Using these sites not only will this save you time in searching, but it will also very quickly give you a sense of the current real estate market in the area you are looking in. In order to identify the right property for your you should start by reviewing various websites for information such as:
Before arranging inspections make sure the agent is reputable You have narrowed your search down to 3 or 4 properties and now you are keen to take a look through and make sure they are clean, safe and meet all of your other criteria. The next step is to now ensure that the agency you are dealing with is reputable and professional. For safety reasons, it’s extremely important to avoid attending properties alone with private individuals who are not from one of a recognised agency. So how do you know if the agent or agency is trustworthy? Here are our tips:
Established real estate agents in Papua New Guinea There are a number of well established real estate agents in PNG and in particular in the major cities of Lae and Port Moresby. The following is a list of prominent real estate agencies, however please note that this list is not exhaustive and there are likely to be number of other agencies throughout the country that are also reputable:
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Rent or Buy Homes in Papua New GuineaThis is another avenue where you can find information about buOn this page, we provide all the necessary information on renting and Buying Homes in Papua New Guinea. Categories |