Residential Real Estate - Papua New Guinea

The Residential Real Estate market market in Papua New Guinea is expected to reach a projected value of US$68.93bn in 2024.
According to the forecasts, this market segment is anticipated to experience an annual growth rate (CAGR 2024-2029) of 5.88%, leading to a market volume of US$91.71bn by 2029.
In comparison to other countries, China is expected to generate the highest value in the Real Estate market, with an estimated value of US$112.9tn in 2024.
The demand for luxury beachfront properties in Papua New Guinea is steadily increasing due to its stunning natural beauty and growing tourism industry.

Definition:

The residential real estate market covers the leases and transactions of residential properties. Residential real estate leases refer to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums, while residential real can be defined as buying, selling, or transfer of ownership of residential properties.

Structure:

The residential real estate market covers real estate transactions and leases, and the section, residential real estate leases, is divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and for real estate renters as well.

Residential real estate transactions
Residential real estate leases

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Residential Real Estate market in Papua New Guinea has been experiencing significant growth and development in recent years. Customer preferences in the market are shifting towards larger and more modern homes, with a focus on amenities and convenience. Buyers are increasingly looking for properties that offer a range of features such as swimming pools, gyms, and secure parking. Additionally, there is a growing demand for properties in well-established and secure neighborhoods. Trends in the market show an increase in property prices, driven by a combination of factors. Firstly, limited supply of land in desirable locations has led to increased competition among buyers, driving up prices. Secondly, the growing middle class in Papua New Guinea has resulted in increased purchasing power, leading to higher demand for residential properties. Lastly, the development of infrastructure projects, such as roads and utilities, has made previously inaccessible areas more attractive for real estate investment. Local special circumstances in Papua New Guinea also contribute to the development of the Residential Real Estate market. The country's rapid urbanization, with a growing population moving from rural areas to cities, has created a demand for housing. Additionally, foreign investment in the real estate sector has been encouraged by the government, leading to increased activity in the market. Underlying macroeconomic factors further support the growth of the Residential Real Estate market in Papua New Guinea. The country's strong economic growth, driven by industries such as mining and natural resources, has resulted in increased disposable income and purchasing power. This, in turn, has fueled demand for residential properties. Additionally, low interest rates and favorable mortgage conditions have made it easier for individuals to access financing for property purchases. Overall, the Residential Real Estate market in Papua New Guinea is experiencing growth and development due to changing customer preferences, increasing demand for modern and convenient homes, limited supply of land in desirable locations, rapid urbanization, and favorable macroeconomic factors. These factors are likely to continue driving the market in the coming years.

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate - Papua New Guinea

Value

Volume

Analyst Opinion

Transaction Value

Revenue

Household Type

Living Space

Methodology

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