Myanmar property market shows uptick in price reduction

Some people are selling their property below market value amid second wave of coronavirus in Myanmar, said U Than Oo, the vice-chair of Myanmar Real Estate Service Association. “When we see Myanmar’s commercial city Yangon, there is a significant rise in the real estate deal. The condominium market is also pretty good,” he said.
People eye properties in South Dagon, North Dagon, Dagon Seikkan, Shwepyitha and Shwepaukkan townships. The property market has become alive and well. However, the price is declining, he explained.
The rental rates in the property market are also dropping, and the market remains cool, he added. “The rental market shows a downward trend from houses to condominiums. The price of the commercial property market is also plunging. As 80 per cent of foreign expatriates working in Myanmar went back to their home countries, the rental market for condominium sharply plummeted,” the MRESA vice-chair affirmed.
During the early outbreak of COVID-19 (April-mid May), 95 per cent of property market halted. In June and July, some people rushed to sell their properties, causing market manipulation. Shortly after that, the market has recovered in Dagon Myothit (South), Dagon Myothit (North) and Dagon Myothit (Seikkan) townships with lower prices than the market value. The market was sluggish in August during the coronavirus resurgence in Myanmar. The property market raised its head in October and November. (Translated by Ei Myat Mon)

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