Rising interest in off-plan and instalment purchases amid Yangon realty market surge

There is more development of transaction and rental, and also more interest in purchasing apartments through off-plan and instalment systems in Yangon’s real estate market, according to interviews with agents and residents.
Prices have also increased while rent and sales have reached a more active position.
“At the six-storey building in front of us, there is no apartment left as all are sold out under off-plan. When we buy in this off-plan system, we can pay in instalments, so some business people buy them. We are even asking to buy a unit in advance. Currently, since there are more migrant people, there are more sales and rentals in the Yangon real estate market. People who can afford to buy units to live in among the migrants,” said a Yangon resident.
Transactions in the real estate market during the early Buddhist Lent have cooled down a bit. Still, since many people have moved to Yangon, property transactions are active despite the lent, a real estate agent said.
An apartment owner in Pazundaung Township, Yangon, stated he started selling his unit last year through real estate brokers, but he didn’t find a buyer for an extended period. There are many potential buyers now, and he is in a wait-and-see mode.
In addition, the price of rental units has increased, and monthly rents with deposits and 6-month or 12-month contracts have started to grow. However, the tenants said it is becoming more difficult to rent on a monthly basis. — MT/ZN/ED