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Informal Housing Market

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The informal rental housing markets are present in section B, C and D of the sub-markets indicated in table 1. As depicted in table 1, regular housing markets are mostly in the formal areas where the states intervened through planning, allocating and regulating as the residential zone of land use. The slum housing markets are previously suitable for residence but now deteriorating due to miss management and other factors within as well as external. Good examples are government housing scheme in Morata in Port Moresby and 2 Mile in Lae in the 1980’s. Invasion housing markets are mostly on the good buildable customary land on the peri- urban. For instance, high class informal residential housing built in Taurama valley in Port Moresby and Kamkumeng …show more content…

That simply means that the real estate market for housing is not addressing the needs of all people in the country. The current housing market is not targeting all levels of income and this explains why informal housing keeps popping up to meet the pent-up demand. There are limited or hardly any laws and regulations that are put in place to regulate real estate in Papua New Guinea (Moon, 2010). Moon (2010) further reported that, in the absence of laws to regulate housing, the rentals and prices are exploited and rising at an alarming rate in the face of the lack of rent control. Over the last 10 years, the natural resources boom has further led to escalating prices and rentals to unaffordable levels for the average Papua New Guineans (Chand and Yala, 2012). The demand and supply of rental housing market in the macro and micro economic sector of the country determine the market for housing. As a result, the by-product of the demand and supply has given rise to the speculative pricing of houses in the city as well as at the fringes of the cities (Marcus 1992; Burgess 1982, …show more content…

The study used the formal area of housing in the two cities as a control and standard. Data collected was guided by the theoretical framework for the study to show how the different land use theories and rent theories fit well with operations, functions and importance of residential rental housing in formal and informal sectors of Port Moresby and Lae. Moreover, this study focused on residential rental property in the informal settlements and compared it to the lower-end of the formal housing

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