PNG Property Market is Stable amid COVID-19

While the global pandemic of Corona Virus is affecting the global property market, Papua New Guinea property market remains stable with a projected growth of about two per cent when the Papua LNG Project kicks off.

Managing Director of ANX Real Estate Brokers, Aja Potabe Alex, said ever since the outbreak of COVID-19 early this year, property markets in Asia have been performing low in the first quarter of 2020, thus adversely affecting the Australian property market while Papua New Guinea market remains steady and unchanged.

“This is an ideal opportunity for Papua New Guinean property investors to look up north and look down south as property prices have fallen notably in Asian and Australian markets,” said Mr Alex

He said PNG investors must seize this opportunity to invest in properties in Australia, Singapore and Hong Kong as the markets are projected to slowly recover in the second quarter of 2020.

“The COVID-19 fallout will soon be addressed, let’s assume that cure of the virus will soon be discovered by pharmaceutical firms, and we are projecting the Q2 of 2020 to be the perfect timing where the market will be slowly recovering,” Mr Alex said.

As the fallout from the coronavirus outbreak deepens, the authorities in Singapore are responding with a series of measures to cushion key sectors of the city-state’s open economy, Nikkei Asian Review reports.

In the latest move, the government exempted some listed property developers from a punitive tax, an unexpected relaxation that could shore up home prices if the economy weakens and demand tumbles.

Earlier in the week, the Monetary Authority of Singapore signalled its willingness to let the local dollar weaken against its trade-weighted basket. The surprise announcement came on the same day the Bank of Thailand cut rates and pushed the Singapore dollar to its lowest level in more than four months.

Real estate markets across the Asia Pacific region, hit hard by the COVID-19 outbreak, are poised for a rebound in the second half of 2020, according to two new reports assessing the impact of the virus from leading global commercial real estate services and investment management firm, Colliers International.

Assuming the spread of COVID-19 peaks in the first half of 2020, the current slowdown presents property investors a window of opportunity to pick up assets at attractive prices, occupiers the chance to negotiate favourable leases and landlords the opportunity to build lasting relationships with clients, the research shows.

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