Knowing the Cost of Living in Papua New Guinea: A Brief Guide

Rental Property

Rental Property

Apart from travel, many people go to Papua New Guinea for business and work. One, however, should earn a good salary to meet the costs of renting or owning a property. Due to the rapid urbanisation in the country, rents and house prices continue to increase. This has prompted concerns on whether home ownership is still attainable for the average citizen or not.

Though the government is striving to build new affordable housing units, some people will have to deal with rising prices. This is the reason understanding the cost of living in the country is important to come up with an effective solution.

The Rental Price  

There are many budget-friendly houses and apartments in Papua New Guinea. Due to the economy boom, though, there is a slight increase in the cost of rental property.

As Niugini Land and Properties puts it: ‘The rental property market mirrors the property sales market trend. For instance, the areas within the vicinity of the central business districts are considered high covenant, hence high rental rates. In the urban periphery, rental rates for properties (unit, apartment and house) reflect an average rate of K1,400 per week’.

A number of reports reveal that the asking rent for executive residences in Port Moresby can range between K5,000 to K10,000 every week. The cost of rent in low to medium covenant areas, on the other hand, can range between K950 to K2,800.

The Importance of Location

There are certain factors that you should take into account before searching for a home to rent. The cost of a residential property can vary from city to city, which is why it is important to do a thorough research on the location.

Papua New Guinea has a range of attractive options, but you should know which neighbourhood will best suit your budget and lifestyle. Your home’s location can help you determine if you can stay there for a long time. In addition, the environment you will choose will affect the amount of quiet and peace you can enjoy.