Prime Minister James Marape says Port Moresby is now one of the most viable markets for real estate investment in the Pacific, citing strong economic growth, flexible investment policies, and high returns within shorter timeframes than in overseas markets.
He made the remarks during the opening of the K130 million, phase-1 Paga Hill Paradise project and groundbreaking ceremony for its 2-stage project in Port Moresby last night. The stage-two development will see two more new 22-story towers for apartment and commercial offices.
PM Marape encouraged both local and international investors to take advantage of the city’s expanding property sector.
He thanked the investors for reinvesting money made onshore into the economy, other than taking it out overseas.
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In outlining why Port Moresby presents a strong investment opportunity, PM Marape said demand for housing and commercial property continues to increase, especially during major construction phases.
He highlighted the introduction of strata-title arrangements, ongoing infrastructure development, and a growing urban population as key factors supporting the viability of the real estate market.
He said investors can expect faster and higher returns in Port Moresby within about 12 years, compared to countries like Australia, Singapore and Malaysia, where people “wait a lifetime” to see similar gains.
He added that Papua New Guinea’s investment systems and policies are more flexible and less complicated than those in many overseas markets.
The Prime Minister said the Paga Hill Paradise project will help modernize Port Moresby and support the government’s vision of transforming the capital into a regional hub for business, tourism, and sports.
Being in power for 6 years, PM Marape noted that more than 100 floors of new buildings have been constructed across Waigani and downtown during his reign.
PM Marape said this demonstrates investor confidence and continued growth in the city’s property market.
“Do not listen to social media economists. Listen to banks and credible financial institutions for our economic growth analysis.”
PM Marape said the country’s economy has grown from K5 billion in 1975 to more than K140 billion in 2026, with plans to reach K200 billion by 2030.
He said the government is working toward a balanced budget by 2027 and emphasized that political stability, a vibrant democracy, and judicial reforms are creating a safer and more predictable investment environment.
He also proposed that businesses operating in the city employ at least 25 percent of their workforce from Motu-Koita landowning communities, saying development must create jobs and opportunities for traditional landowners.
PM Marape thanked the Motu-Koita people for their sacrificing their land to the city’s growth, urging developers to prioritize local employment.
The Prime Minister praised the design and architecture of the Paga Hill Paradise development, saying it will become a new landmark for Port Moresby.
He acknowledged ongoing challenges with city services such as power, water, and public safety, but assured investors that the government is working to improve these areas.
The opening ceremony was attended by developers, government agencies, development partners, apartment owners, Governor Powes Parkop, Minister Richard Maru, and the Malaysian High Commissioner.
PM Marape described Papua New Guinea as a safe and “friendly” place to do business and reaffirmed the government’s support for future investors.