Yangon sees decline in property investors, rise in gold buyers

photo 2024 04 24 17 04 56
A participating cart.

There are just a few people who have invested in the property sector, but there are many people who have bought gold for investment purposes in Yangon.
“Rather than buying real estate, many people have bought gold for investment purposes at present. People have enjoyed investing in gold for many years. If you call estate agents and ask about the property sale, they will reply that it’s not good. But the rental market is pretty good, and prices are quite high,” said an economist.
It is still early to predict the property sale, and the market has been entirely based on the actual situation while there is a gap between asking price and buying price, he said.
“People thought more investment would be made in the property sector as gold price and exchange rate have skyrocketed. But in reality, people don’t make much property investments; they prefer gold investments, as I heard from gold traders. In the rental market, separate house, apartment and condominium rents have been more active. People don’t want to buy estates for investment because it takes too long to resell them. But most of the buyers bought estates for rent, not for sale. It is happening not only in South Okkalapa but in all townships of Yangon. So we can say the rental market has been better than selling and buying,” said Myanmar Real Estate Services Association (South Okkalapa township) Chair Daw Hnin Nwe Oo. Overall, in the real estate market, land plot sales have been active slightly.
“Land plot transactions have been seen because there are buyers who want to run hospitals, shopping centres and shops. That is also the case in South Okkalapa and other townships. Houses have been sold, but land plot sales have been more active,” she said. — Thit Taw/ZS/Ed

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