Myanmar’s real estate market expected to be cool this year: experts

An aerial view of Yangon City with high-rise buildings.—Photo: Khaing Thanda Lwin
An aerial view of Yangon City with high-rise buildings.—Photo: Khaing Thanda Lwin

Yangon, 15 March—The local property market is expected to be cool this year, but if the trend continues until July, it may boom again in 2016, Daw Moh Moh Aung, secretary of the Myanmar Real Estate Services Association, said Friday.
The market cooling may be linked to the country’s political situation, Daw Moh Moh Aung told the Global New Light of Myanmar.
She said apartment rental prices in downtown are normal, with apartments selling in the range between K30 million and K50 million, but the condominium market is still cool.
An agent said, “Apartment selling and rental prices near Pazundaung market in downtown have become a bit high, as contractors eye detached houses and buildings there.”
According to the data of Myanmar real estate website House.com.mm, only 18 percent of people searched the site for houses to buy in February.
The property market had boomed over the years. Since then, room, house, land and apartment prices have skyrocketed. Since late 2014, the market has been in decline due to low demand.
Property markets in suburban areas are also seeing excess supply. Real estate experts have advised land owners there should not rely only on sale of their lands, but look to the rental market and other means of earning.
Those experts estimate that the country may see a massive influx of foreign investment into the real estate market if the condominium law comes into effect this year.—GNLM

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