New developments in Oceania: because prices are rising in Papua New Guinea
After the beginning of 2019, many changes have been found in the various countries of the world. Some of them have recorded a demographic increase, obviously accompanied by a subsequent and compelling need to build new residential properties, while others have opened up more to international trade, thus improving the national economy.
One nation in particular has registered a sudden increase in property market prices since the beginning of the new year. We are talking about Papua New Guinea, a State in the Southwest of the Pacific characterized by a strong socio-cultural identity.
Although it is a particularly unspoiled nation, in recent years, there have been many reforms and actions aimed at improving the country's urban planning, thus bringing many benefits to the entire population.
Obviously, everything has been accompanied by a strong increase in prices, especially in the real estate market. The government in recent months, has concluded the design of a project, aimed at creating new areas for the construction of new real estate facilities.
The positive results were already recorded in 2015, when the national GDP had increased by 70% more than the previous year. This trend, which according to the economists would have broken after a few months, actually continued perpetually and even improved to make this nation, currently, one of the most competitive in the entire continent.
Entering specifically, the project has brought to the Nation numerous advantages in economic but above all social terms.
Part of the capital invested in Papua New Guinea comes precisely from future foreign residents who, noting this strong economic movement and the great dynamism that characterizes this country, have decided to make their resources converge in the real estate market.
The growth of the national GDP has been further strengthened by the increase in the inflation rate of 6% and, the acceleration in the construction and urbanization processes, have guaranteed this State a winning image at international level.
Although prices for more standard housing have increased sharply, this does not mean that currently, buying a property in this state guarantees a useful investment for the future.
All countries like Papua New Guinea, (under development) are under the eyes of economists and investors, who prefer to "risk" in new and more modern locations, compared to older economic powers and a strong tradition that makes them less flexible to changes in the international real estate market.
However, it is expected that, in the middle of the first quarter of 2019, property prices will stabilize to such an extent that it is even more convenient for investors to buy a property in this country.
One nation in particular has registered a sudden increase in property market prices since the beginning of the new year. We are talking about Papua New Guinea, a State in the Southwest of the Pacific characterized by a strong socio-cultural identity.
Although it is a particularly unspoiled nation, in recent years, there have been many reforms and actions aimed at improving the country's urban planning, thus bringing many benefits to the entire population.
Obviously, everything has been accompanied by a strong increase in prices, especially in the real estate market. The government in recent months, has concluded the design of a project, aimed at creating new areas for the construction of new real estate facilities.
The positive results were already recorded in 2015, when the national GDP had increased by 70% more than the previous year. This trend, which according to the economists would have broken after a few months, actually continued perpetually and even improved to make this nation, currently, one of the most competitive in the entire continent.
Entering specifically, the project has brought to the Nation numerous advantages in economic but above all social terms.
Part of the capital invested in Papua New Guinea comes precisely from future foreign residents who, noting this strong economic movement and the great dynamism that characterizes this country, have decided to make their resources converge in the real estate market.
The growth of the national GDP has been further strengthened by the increase in the inflation rate of 6% and, the acceleration in the construction and urbanization processes, have guaranteed this State a winning image at international level.
Although prices for more standard housing have increased sharply, this does not mean that currently, buying a property in this state guarantees a useful investment for the future.
All countries like Papua New Guinea, (under development) are under the eyes of economists and investors, who prefer to "risk" in new and more modern locations, compared to older economic powers and a strong tradition that makes them less flexible to changes in the international real estate market.
However, it is expected that, in the middle of the first quarter of 2019, property prices will stabilize to such an extent that it is even more convenient for investors to buy a property in this country.
