PNG real estate industry stable

THERE is little evidence that economic impacts of Covid-19 pandemic hitting the country’s real estate industry, says an industry representative.
PNG real estate industry stable PNG real estate industry stable PNG real estate industry stable PNG real estate industry stable PNG real estate industry stable

Staff Reporter

Mike Quinn, the PNG Real Estate Industry Association vice-president and managing director of Professionals PNG Real Estate, told The National newspaper that effects would be felt when there were more restrictions on movement of people and access to food supplies.
"Values and demand for real estate will be determined over the next six months or so, as it adjusts to the measures that people and firms take to restructure their businesses, finances and personal affairs," he said.
"No doubt there will be a declining and negative impact and effect from the virus in PNG.
"But to date, it seems that we are insulated to some extent from the worst effects of the virus and we may come through this not as adversely affected as many other counties, including our nearest neighbour Australia."
Quinn said PNG was unique to a large extent because a large proportion of employees in the formal sector were provided accommodation by employers, or receiving housing allowances or subsidies.
"At this stage, the Covid-19 pandemic has not had the effect in PNG that it has in many other countries," he said.
"Many companies are still operating as per usual as there has not been a total lockdown. Many companies are placing staff on leave rather than making them redundant until it is obvious what course the coronavirus will take in PNG.
"So it is not yet presenting as a major issue for housing or commercial leasing. Some businesses have closed as a precaution or reduced their work hours, and some businesses have gone on to extra shifts to meet increased demand."
Quinn said the common change across the industry was reduced working hours, which allowed staff time for shopping, The National reported.


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