Papua New Guinea is a resource-rich country and a growing area for different construction projects and developments that can range anywhere from simple residential to complex buildings, and Port Moresby Electrical has been a huge part of that growth as one of the trusted companies to have shaped the current landscape of the industry solutions sector. Starting from humble beginnings in 1968, they have slowly worked their way up to achieve an impressive track record they can now boast about. Not only is their portfolio overflowing with the number of projects they’ve done, it’s also filled with landmark projects such as the Grand Papua Hotel, the PNG LNG Camps and the Sir John Guise Stadium.Respectively showing “Sir John Guide Stadium”, “PNG LNG Camps” and the “Grand Papua Hotel” Addressing the Shortage of ExpertiseBecause Papua New Guinea is an emerging market, references remain scarce or vague at times in terms of regulations, policies, and guidelines for securing work and construction permits. Certain aspects of the process remain confusing. As a result, things like data and communication, electrical, industrial process, hazard safety and operational area requirements rarely get met in a timely and cost-efficient manner.Having recognized this, Port Moresby Electrical was conceptualized and created to assist in solving these concerns. As an evidence to that commitment, they have even set up a 24/7 support hotline in order to faithfully address any query that might suddenly come up. PME has also made it a point to continuously search for ways to both increase the quality and decrease the cost of construction. This includes educating their employees on the importance of following the law and the international standards that would focus on safety and efficiency, which has greatly helped in streamlining the process of construction and maintenance in the country.Addressing ConcernsThere are several things you can consult with or even just leave to the hands of the specially trained experts from Port Moresby Electrical. Some of them are the following:Construction (Engineering, design, Automation, Motor Control, etc.)Mining (EPC Services, High Voltage Electrical Reticulation, Telecommunications, etc.)Oil & Gas (Instrumentation, Pipeline Servicing, Hazardous Area Installation)Fire Safety (System Testing, System Installation, System Repair, Signage Supply, etc.)Plumbing (Drain Cleaning, Plumbing Installation, Plumbing Maintenance, etc.)Shutdowns & Turnarounds (Planning, Mobilisation, Execution, Access)Procurement (Material Management, Logistic, Strategic Sourcing, etc.)Maintenance (Compliance Audits, Assets Tracking, etc.)Customisable Crew Hire (Work Permit, Visa Support, Personnel Certifications, etc.)Importance of SafetyAs part of its quality assurance, Port Moresby PNG also places emphasis on safety. It has over a million man hours and a safety record of 1 to back them up, where 0 is the highest rating any company can get. So, getting the services of PME means a safer environment for investors and property owners, during the construction phase and in the long run after the project has been completed.There are plenty of specialty providers that you can choose from that would be able to assist you, but only PME can claim to fully specialize in all areas of mining, commercial, major residential, and industrial installations. With over 45 years of experience in providing quality service and assistance in Papua New Guinea, you are sure that they are the best at what they do and will be able to address all key concerns that you may or may not know about before, during and after construction.If you’re planning on setting up any type of property, they can also provide you with a free quote or continued support through their 24/7 hotline service where their friendly staff are just waiting for your call. For more information, you can visit www.pmepng.com or call them now at +675 325 3533.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Papua New Guinea has seen significant growth in the last ten years. This may be due to the fact that there have been many investors who have placed their money on industries such as oil and copper mining. But what effects have these investments had on the PNG population? Many developments and infrastructures have also been made such as the PNG LNG project and the South Pacific games infrastructure which has contributed much to provide employment for struggling Papua New Guineans. Big projects such as this required the utilization of a huge amount of manpower and have contributed significantly to the economic growth during the last decade. But employment opportunities have become scarce once more now that there are fewer infrastructures being made and there are even more disputes in the mining industry, with its effect being apparent through the number of homeless people who have made the streets their home.Huge amounts of homeless people have been on tally in Port Moresby throughout the years, but the sudden increase and fluctuation has been alarming. And although joint efforts by the government and various NGOs have placed the situation under control, these initiatives have fallen short at times in the long run as the loss of jobs takes its toll on individuals and their families.The Papua New Media Council Head and Post Courier Newspaper executive editor Alex Rheeney says of the situation during an interview with RadioNZ:“There have been pictures posted on social media of kids sleeping in front of the shops, but I think one of the interventions that the government did, I think the last time when it sort of seriously decided to address the issue of poverty on the streets of Port Moresby was just a month away from the Pacific Games last year when it decided that the kids will be taken in by various NGO partners and looked after for the duration of the games. And unfortunately just six to eight months on from the games, there seems to be an indication of more homeless kids on the streets.”While the government has done well in certain sectors due to “high global commodity prices”, Rheeney believes that this has not been felt or translated for the needs of those who are at the floor of the social class even though a lot of actions and plans have been undertaken by the government to offset this lack of employment as of the moment.In a personal post he made in one of his social media sites, Rheeney explains that Papua New Guinea is in dire need of emphatic leaders who will evaluate the positives and negatives of policies that have been made and established.He continues on to say that “all the construction that was connected to the construction phase of the PNG LNG project and then the South Pacific games infrastructure, there was a lot of employment, there were a lot of Papua New Guineans who basically benefited from the big government investment in infrastructure for the Pacific games but unfortunately now with the down turn in the global economy and the revenue that the government is getting from the exports has dwindled. So there are a lot of Papua New Guineans now who are out of jobs and who are struggling to actually make ends meet and we are seeing that manifest itself.”On the other hand, this economic regress comes with plenty of opportunities to develop interesting projects from different sectors such as media, tourism, real estate, infrastructure and maybe even international investments and financial assistance which is similar to what ADB has been doing for the past years. We may even see an increase in the supply of properties which can lead to international interest because of lower property rentals and lower property purchase cost.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

Source image: news.pngfacts.com With the recent conclusion of the ACP Summit held at Port Moresby, 79 leaders from the African, Caribbean and Pacific countries have gathered to discuss lessons learned from each of their respective areas. Possible alliances and collaborative efforts were also topics of discussion for future developments. But the summit held particular interest for developing an “earliest adoption of a United Nations General Assembly Resolution to develop an international legal framework governing human rights and climate change” according to the recently published In Depth News article that came out online.This comes with the leaders also seeking a joint conference between them and the UN, along with international financial entities and the European Commission. This is in line with their longing for an “intensification of South-South and Triangular Cooperation to build the productive capacities of ACP countries,” to which, the UN states that they are open to do. Roy Trivedy who is an attendee of the said conference and who is the United Nations Resident Coordinator also confirms its support for the said countries, most especially for Papua New Guinea pushing for sustainable development goals. He says that the Papua New Guinea-based UN country team is in full support of this.Though focused in the regard of human rights and the effects of climate change, the ACP also discussed issues from different sectors as well that were mentioned in the statement made by Papua New Guinea Prime Minister Peter O’Neill where he says, “the Summit adopted the Port Moresby Declaration that captures the main outcomes of the leaders’ discussions, and the Waigani Communiqué that sets the way forward for the future of the ACP Group beyond the expiry of the ACP-EU Cotonou Partnership Agreement in 2020… I believe this Summit has inspired us to take the giant steps in our approach that will shape and transform the ACP Group into a more dynamic force.” Improved Governance to Drive more Investments and Improve Citizens’ LivesWhile it wasn’t directly mentioned, the Waigani Communiqué and the Port Moresby Declaration where both documents and declarations communicate plans to improve the lives of its citizens through efficient and proper governance that will promote trade and investments where it is most needed, particularly for the entrepreneurship, technology, private sector building capacity and technological sectors. This could mean more infrastructure and real estate policies and construction.There were also discussions for achieving financial stability and self-sufficiency through a long-term endowment fund and venturing into solutions through a collaboration of both the public and private sectors.The nearing expiration of the ACP-EU Cotonou agreement or partnership is also a growing concern. But members of the ACP countries will remain persistent in trying to enhance and renew this agreement, while at the same time negotiating an improved agreement starting in 2018. The Summit will focus on issues that are of interest to both delegations and what has been gained by both the ACP and EU during this time as part of its negotiation. The benefits and focus of the financial partnershipBut with the approach of the expiration of the ACP-EU Cotonou agreement, there are also more opportunities that come as a form of support that may help alleviate poverty, issues with infrastructure and homelessness which is a big issue right now in Papua New Guinea. In an interview with The Financial, Marcelo Minc who is the ADB Country Director in Papua New Guinea states that it has “been engaged with PNG for 45 years and in that time the partnership has rehabilitated transport infrastructure, improved air safety, provided basic health services to the rural population, extended financial services to the unbanked, and removed barriers to jobs and business creation.”This statement signals ADB’s renewed and continued commitment to Papua New Guinea where the cumulative ADB assistance to PNG has increased from $1.27 billion last 2009 to roughly $2.13 billion last year. This is largely due to the different projects that were put in place during the 45 years of financial assistance by ADB which reached $1.04 billion in 2015.This financial partnership will focus on infrastructure in the provinces through their local governments who play a key role in the implementation of projects. This will allow new opportunities for investment and employment that can possibly assist poor families into a better future. And though the primary focus of this assistance was for transport upgrades and the construction of infrastructural developments, ADB hopes that this may also provide better opportunities for health services, banking services and also a more suitable environment for those who wish to do business in Papua New Guinea. This could mean better conditions for those who are also wishing to go into the property market.With the continued efforts of the government and partnering countries and institutions around the world, Papua New Guinea is definitely bound to see better years ahead. It’s only a matter of good governance and time that will tell how everything will unfold. But this is surely an exciting time for Papua New Guinea.Subscribe to our Newsletter to receive news and updates about New Developments, Free Land Titles News, Real Estate & Housing Demand trends and other programmes to help PNG home buyers!

We are fast moving into 2016 and it is interesting to note a stall in the demand for quality residential properties, in what is being called a ‘mum and dad’ market.Despite efforts to offer more housing to the market, demand for high-end housing in Papua New Guinea remained relatively low for the last five years.According to Berkeley Capital’s sales manager, Douglas Norris, the types of residential properties being built from 2010-2015 only targeted the multinational company-based residential market, more specifically to house expatriate workers rather than catering to average citizens.“The high end products being built meant that their selling prices within those periods were extremely high and out of reach for the average family in Port Moresby to afford.  Affordable housing demand will still remain high until such times when more people begin to own their own homes. But local demand for high end quality properties has dropped,” Mr Norris said.However, the demand is also reliant on the continuance of major impact projects that attract expatriate workers to the country. With the advancement of new projects like the Wafi-Golpu Advanced Exploration Project, Frieda River Project and now the Papua LNG Project, more expatriate workers will have to come into the country. This means market demand for high end properties will start to increase again.He said Berkeley’s objective, as a property developer, was to show the market in PNG that anyone on any budget can build quality properties, and not the stick homes seen everywhere, at affordable prices. Mr Norris said the company had delivered that promise, and that had resulted in a runaway success on the sales front.Meanwhile, the real estate market demand and supply trend for this year (2016) as well as the coming years would depend entirely on the Government, which means if the government can deliver enough vacant land for property developments, then the demand for residential properties will remain.However, if the government can’t release large chunks of residential allotments, then we expect that the demand will be short lived in the “mum and dad” market.The important thing is to find a balance that should not allow demand to get to that level; and a controlled release through PPE would ensure that does not happen and the market remains stable. As Mr Norris highlighted, some of the properties being built in Port Moresby at the moment are of such a poor standard that many doubt the properties will still be standing in five years time.“We encourage potential buyers to do due diligence on the developers and make sure they will deliver quality at affordable prices,” Mr Norris said.Berkeley Capital is currently working on 48 houses at the recently launched Gobuta Street Estate at Tokarara in Port Moresby. The company is looking at expanding into other sites in Port Moresby and Lae.

Market demand for low-end residential housing in Port Moresby remains high despite efforts to make available more affordable houses to meet the increasing demand.While the demand for high-end housing lessened after the completion of the PNG LNG construction phase last year (2014), the limited supply of medium and low end housing cannot adequately cater for the increasing demand from home buyers who are eyeing more affordable housing, thereby widening the housing supply and demand gap in the real estate market.This trend has resulted in the prices to remain unchanged for the lower end houses in the city.According to Khor Eng Hock & Sons (PNG) Ltd general manager Phil Ho, there are currently huge shortages in the affordable low and medium housing, especially affordable housing that is below K250 000.“But there is an abundant supply of high end housing in Port Moresby. Demand for high end housing in good and secured locations is still high, especially the newer units and those close to main amenities,” Mr Ho said.While this situation is ongoing, the challenge is now with the real estate developers to develop and make available more affordable housing to suit the market demand and customer tastes. It is expected that the general decline in the demand for high end housing may possibly force property owners to lower the selling prices and rental rates of some of their residential properties. Rental rates and prices for medium to low end houses will remain unchanged or will slightly increase following the market demand.The signs are already showing. Some high end units in Down Town, Boroko, Gordon area and Waigani that were previously leasing for K350 000-K700 000, or renting at K4000-K6000 per week, are now leasing and renting at K250 000-K550 000 and K1000-K4000 per week, respectively.It is expected that housing prices and rental rates will continue to drop as more and more people start to develop and manage their own houses through the Government’s housing initiatives.

At the launch of several large projects in the Southern Highlands Province, PNG’s Prime Minister Peter O’Neill said that the “winds of change are coming” to some of the Nation’s most remote districts. In a speech to people in both Kagua and Nipa, he emphasised the dramatic growth rate of PNG’s economy which is driven by new projects and housing developments not only in Port of Moresby, the main capital, but also in distant suburbs which are recently experiencing incredible growth such as East New Britain, the fastest growing province in PNG.He also talked about the billions of Kina in various trust accounts and the projects they are funding, though the funds need to be managed better. East New Britain was previously devastated by volcanic activity in 1994, destroying 80% of the buildings in Rabaul, which was the local capital at the time. Currently, there are plans to focus on reviving the old business district in Rabaul, starting with the old market area. Ekonia Walom, the new town manager, talked about plans currently in place to rapidly bring much-needed development. He spoke of plans to establish a new cheque account and a new accounting system. The expectation is that this will strengthen the administration and improve accountability. From Volcanic Destruction to Fastest Growing Province in PNGGiven how devastating the volcanic activity in 1994 was for East New Britain, impressive development has already occurred. A high number of development applications are being reviewed by the East New Britain Physical Planning Board. ENB’s new capital of Kokopo  is now the fastest growing town in the country and the trend seems to be constant as about 95% of the applications were for projects in Kokopo. These projects include The Gazelle International Hotel, a service station, the Gazelle Restoration Authority, the Kokopo Sports Stadium, and a new headquarters for Kokopo/Vunamami LLG. Housing Projects and Touristic DestinationThomas ToBunbun, chairman of the East New Britain Chapter of the Communal Land Development Ltd., talked about the mix of urban and rural businesses in Kokopo and how it has become a tourist destination. Tourism has gone a long way towards supporting development. Connecting Kokopo to the provincial Tokua airport has helped support business and tourism.The additional development has helped to increase local demand in the construction industry, which has also been good for the local economy and fot the growing province in PNG. This demand is in the form of both commercial and residential developments.New residential estates include, but are not limited to Tibur, Kenabot, and Takubar. The New Guinea Islands Historical Society (NGIHS) founder Gideon Kakabin talked about the Warangoi area as another highly desirable location. It has a rural character, yet also has easy access to the local capital of Kokopo via well-developed roads.If you prefer cooler weather, Toma is a potentially desirable destination. People seeking affordable housing and willing to commute can check areas on the outskirts of town or beyond. Those areas tend to have lower prices, yet are still within reach of the in town amenities. Mr. Kakabin indicated that the predominant housing stock in the growing province consists of three-bedroom stilt houses. They are typically made of timbers, but have an iron roof and wood floors. More recently, brick is becoming more popular.Because of the low crime rates and incomparable natural beauty of this province of small islands, many people consider it to be an ideal place to live. It has a great climate and incredible views in unique terrain. The limited number of tribal groups in the area helps keep friction at a minimum. For many people, it is a quiet and peaceable area.To receive news and updates about Free Land Titles initiative and other programmes to help PNG home buyers, CLICK HERE to receive the Hausples.com.pg Newsletter.

2014 saw continued prices increase in PNG real estate, causing concern among Papua New Guineans who feel that affordability is at an all-time low.Moving into 2015, there are range of government initiatives aimed at delivering affordable housing to Papua New Guineans combined with a number of public and private sector projects which will continue to bolster PNG’s economic growth. What result will these factors have on the property market? Will 2015 be the year of the affordable home for the average Papua New Guinean?To answer these questions, Hausples.com.pg interviewed several major PNG real estate agents to garner their views on the market forecast for 2015. Read on to find out more. Hypothesis One: Drop in PricesAccording to Century 21 Siule Real Estate’s Christian Arek, this year will see a drop in the real estate market.“I would say the real estate market would be dropping this year… [It] will continue to drop a bit initially and then eventually level off” predicted Arek.This is great news for the bulk of Papua New Guineans who are renting as this means a wider range of rentals that will fall within their budgets. From recent trends and surveys, it appears that high quality houses will still be able to be leased at a reasonably steady rental price while ordinary properties will be the most affected by price fluctuation.“[The market drop] presents a lot of options for tenants in the rental market because they have more to choose from in terms of budgets. Moreover, landlords are more willing to negotiate renting costs.” added Arek.As for those who are planning to sell their property this year, Arek stated that it’s uncertain as to what sellers should anticipate. Definitely buyers will be more motivated to purchase a house relying on the First Home Ownership Loan Scheme which increases the possibilities of making a big and important investment. Moreover, it seems that the Government is making steps toward a new project to give away Free Land Titles to ordinary PNG citizens which will give them a security to take a loan. However, ultimately sellers make the decision about whether to sell at a particular price so the market will once again be largely in their hands.DAC Real Estate’s property manager, James Beangke also anticipates that the real estate market will decline in 2015.“Generally speaking, the Government has settled [real estate] regulations and taxes but considering the ongoing PNG LNG Project, there will be a lot of people who will be able to spend in the market. Hopefully, this drop will pick up after March,” stated Beangke.In particular new affordable housing projects such as Duran Farm and Edai Town will slowly release large amounts of quality affordable housing onto the market at reasonable prices. This increased supply should mean price declines and relative bargains for purchasers. Hypothesis Two: Increase in PricesOn the other hand, LJ Hooker’s Gemma Mavo forecasted that real estate market prices will increase this year. Mavo, however, stated that this will only happen if there’s increased competition.“My view is that real estate prices will at best remain flat over 2015. However, I believe that it’s more likely that due to the various government initiatives and continued strength of the economy, competition will increase and this will have a tendency to increase both rental and sale prices”Mavo points out increased prices may particularly apply to properties for sale as strong rental demand will mean better returns for investors and therefore higher rental yields and prices.——————- With more real estate companies springing up, as well as the introduction of the First Home Ownership Loan Scheme and Free PNG Land Title Giveaway Trial, 2015 will certainly be an interesting for Papua New Guineans and might represent the best opportunity yet for ordinary citizens to secure a home. Stay informed about the latest news and the first home ownership loan scheme! To receive news and updates about Free Land Titles initiative and other programmes to help PNG home buyers, CLICK HERE to receive the Hausples.com.pg Newsletter.

Papua New Guinea’s economy has been growing consecutively for ten years providing the entire country with new housing projects, roads development and better access to critical infrastructure such as power. As of today this positive trend seems likely to continue with the development of a new and much bigger international Airport at Nadzab near Lae.  The new Nadzab international airport will dramatically increase PNG’s international exposure and will effectively become the new ‘Airport City’ of Papua New Guinea. The announcement of the new airport came directly from the Minister for Public Enterprises and State Investments Ben Micah whose goal is to make Nadzab an international airport by the end of 2016. The first flight connections will directly link Nadzab to Australia and Japan by the second quarter of 2016 making Nazdab an important departure point for Papua New Guineans travelling abroad. The Minister also announced that the project also aims to capture even more international traffic and as such is negotiating with the Chinese Government to have direct flights from Nadzab and Port Moresby airports to Beijing, China. In addition, Mr. Micah announced the construction of a highway to link Lae with Nadzab. Considering Nadzab is only 42 Km from Lae, the project will provide a four lane highway to be completed by China Railway International by the end of 2017. This will definitely ease the connection between the two cities who will mutually benefit from the highway and will also allow the transportation of materials from Lae to the airport. Mr. Micah added that with the construction of the railway from Lae to Ramu Valley for the transportation of containers and additional shipments, the plan is to transform Lae into a port city and industrial hub for moving materials to nearby Nadzab. It seems that major changes will continue to occur over the next few years changing the perception of Papua New Guinea and giving to the country an international presence thanks to this fantastic new initiative. Not only will this project allow for increased access to Asia for Papua New Guineans (and vice versa for Asians travelling to PNG), it will also spur new housing projects, jobs and infrastructure all of which is needed to continue Papua New Guinea’s economic and social growth. Keep reading the Hausples.com.pg New Blog to stay up to date with PNG real estate and housing markets.

Landlords will be subject to tighter controls and scrutiny as part of the Papua New Guinea Government’s 2015 Budget. Due to concerns about landlords not declaring rental income to the PNG Internal Revenue Commission, PNG landlords will be required to register with a Taxation Identification Number (TIN) so that their leases will be validly recognised.Given the relative lack of regulation of PNG’s real estate market, the move by the Government to require landlords to supply a TIN is significant. The new legislation will mandate that landlords provide a valid TIN on lease documentation in order for the IRC to properly identify potential tax payable when stamp duty processing occurs.The IRC intends to cross reference stamp duty lease data against the IRC’s records of TIN lease data to better identify landlords that do not declare rental income. This strategy is forecast to generate K15 million in additional tax revenue for the forthcoming financial year alone. Landlords not presently registered with the IRC should register with a TIN prior to July 2015 in order to ensure existing and new property leases are deemed as valid. Click Here to view / download the IRC Taxation Identification Number (TIN) Application Form What do you think of this initiative? Do PNG landlords currently pay enough tax?

“How much will the property sell for?”Unsurprisingly, this is the most common question both a buyer and a seller ask!From the perspective of a buyer, there’s no doubt that it is difficult to gauge PNG real estate prices, particularly in the tightly held cities of Port Moresby and Lae.  The competition for good houses, apartments and land is fierce and many of them are selling at prices far above the advertised estimated price range. This is, quite naturally, making buyers feel cynical and frustrated. Buying a home is like no other purchase you’ve made in your life.  Homes are not identical, they don’t come with a return policy and they rarely have with a fixed price tag.  A house may viewed as being worth far more to a person who wants to live in the same street as their family, who wants their children to be able to walk to a particular school or who has a business just five minutes drive away.  All sorts of things influence the value of a real estate in the buyer’s mind. Speaking with a reputable PNG real estate agentWhen a real state agent is approached to sell a home, they are asked for their professional opinion regarding how much a reasonable person would pay for the property.  In order to provide the best possible answer to that question, the agent then researches similar properties in the area and what they have sold for.Unfortunately the Papua New Guinea real estate market has traditionally not been very transparent and there is very little clear data regarding prior sales. Experienced and professional PNG real estate agents will leverage their past sales data, experience and local knowledge to price properties correctly. By contrast, inexperienced real estate agents will be more likely to quote a seller an unrealistically high price, which may then negatively impact your chances of purchasing the property. For this reason, it is advisable to focus on properties that are being sold by reputable real estate agents that have been operating in the PNG, Port Moresby or Lae for some time. Take advantage of technologyWith the advent of new online real estate websites such Hausples.com.pg, more real estate sale prices are being published. Tools such as the Hausples ‘Sold Prices’ page can provide a handy reference to find similar properties to the one you are considering and will give some assistance in predicting the ultimate selling price. You should leverage these to your advantage and get the benefit of adopting technology early. Speak to your bankIt might seem odd, but banks are often the best source of real estate information. As banks lend large sums of money to real estate buyers, they regularly value homes and other PNG real estate to ensure there is sufficient equity to cover the amount lent to customers.We suggest approaching your bank regarding your real estate purchase and ask them to provide a pre-approval or full approval for a loan for the property. Part of the bank’s approval process with require the bank to value to the home or asset. You can then use the bank’s valuation as a rough guide for the property. You should be aware however, that there may be cost associated with processing the loan application. As PNG’s largest bank, we recommend speaking with the BSP (Bank of South Pacific) if you choose to apply for a loan approval. The bottom lineDespite the above, there is no science to the emotion of buying a house or apartment and the value of an established home is not purely based on prior sales data.  Logic often flies out the door when dealing with an extremely buoyant and under-supplied real estate market such as that in PNG. This will often cause a buyer to make an offer on a home that is far above what science and logic dictates it would probably sell for.Ultimately, the seller of the home is entitled to get the best possible price for their property – regardless of what price point has been advertised.  There is absolutely no compulsion for a seller to sell at the advertised price.  And this is understandably frustrating for buyers. The best advice is to think carefully about how much you’re prepared to spend and – hard as it is to put the emotion aside – stick to your budget.The current PNG real estate climate is certainly throwing up a fair share of homes being sold for far above the advertised price range. But take heart if you’re a buyer. Properties are continually coming on to the market and you’re sure to find one that suits you emotionally and financially.