8 Nov 2012

Homebuyers in PNG told to wait till LNG project comes on-line

11:28 am on 8 November 2012

In Papua New Guinea, home buyers in the lower and middle income brackets will have to hang in there until the multi-billion kina liquefied natural gas project comes on-line in 2014 before it can expect cheaper homes.

An analysis by the Oxford Business Group says as PNG's real estate market faces an inevitable price correction in the coming years, the availability of more affordable housing for the lower and middle-income segments should increase.

The National newspaper says this means it's anticipating that resources for construction as well as accommodation that are being sucked up to accommodate the LNG project will be freed once the LNG plant is completed.