By MAZIE SELMBIA
PAPUA New Guinea has one of the most expensive real estates in the world, according to a real estate company.
Karama Development Limited managing director David Johnson said: “You will spend around K3,000 to rent a house fortnightly, without white goods or furniture, which is unreasonable.”
An information seminar was held on Saturday by the Karama Development Ltd in Lae regarding the sale of 134 Valley View Estate houses.
Valley View Estate, located at Nine-Mile outside Lae city is owned by the Hornibrook NGI company and built to house staff members eight years ago.
Since they are winding down operations, Karama Developments has been engaged to assist in the sale and financial arrangements of the houses.
They are selling for between K600,000 and K400,000, with an optional outdoor patio costing K25,000.
Financial arrangements discussed at the seminar include the Bank South Pacific First Home-Owner Loan that will pay 90 per cent of the price, with a four per cent interest rate.
Johnson said that they understood the background of many Papua New Guineans, their financial situations and were trying to find something that would benefit the buyer and the seller.
Retirement arrangements were discussed on the financial options and insurance cover for those wanting to buy a home but are nearing their retirement age.
“Most Papua New Guineans when asked if they will return to their villages after retirement, said that they would stay in the city because that is where they had spent most of their life,” Johnson said of where retirees were choosing to stay.