Papua New Guinea real estate is quite problematic as the land ownership titles aren’t clear. This is in direct contrast to clear land ownership that exists in the international real estate.
The real estate in Papua New Guinea is mostly held by the state and only about 3% is privately owned. The Papua New Guinea real estate for sale is usually given out for a maximum period of 99 years for sale. There are no freehold properties that are available for sale for the Papua New Guinea real estate. Even if there are any freeholds, they will be transferred as lease land when they transferred between the seller and the buyer. Most of the real estate in Papua New Guinea is under the customary title that is held by the traditional landowners. The smallest undivided lands that are held privately are usually held under single ownership for the real estate in Papua New Guinea.
The confusion about the ownership of the land for the real estate in Papua New Guinea and whether it is communally owned or owned by a single person is a problem for the economic development of the country. There are problems that often arise between the mining and the forest companies and the various groups and clans that own the private part of the real estate in Papua New Guinea. The available real estate for sale that is usually customary property can’t be willed away. Rather the real estate in Papua New Guinea can only be inherited depending on the customs and the traditions that are followed by the natives.
Even though Papua New Guinea has extensive natural resources and is rich in mineral deposits and other forest products, the exploitation has been hampered and economic growth has been severely affected. Since the system of identifying the true land owners is not a very easy task, it is difficult to negotiate for the real estate in Papua New Guinea for many of the projects. Mineral deposits of copper, gold, and oil account for the export earnings and contribute 72% of the earnings.
The other major industry is tourism which provides substantial income for the people. Almost 85% of the population live in traditional rural based communities and engage in subsistence farming. It is one of the richest countries in terms of flora and fauna and many undiscovered species of plants and animals are thought to be there. Most people live in extreme poverty, with almost 33% of the population living on US$1.25 or even less per day.
The capital is known as Port Moresby, where majority of villas, apartments and other real estate in Papua New Guinea is available for sale or rent.
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