Despite the COVID-19 crisis, real estate sales are booming in the suburbs of Yangon, Mandalay and Nay Pyi Taw in 2021, with the apartmental rental market declining slightly, according to senior real estate agents.
Land sales in Shwepyitha, Dala, Hlegu townships and four Dagon townships, which are outside the downtown area of Yangon, are booming. Similarly, land sales in newer suburbs of Mandalay are booming too, according to Myanmar Real Property Development Association Chairperson U Tin Maung.
“Earlier in the COVID-19 crisis period, the real estate market was a bit dull. Over the past two months, the numbers of sellers and buyers of real estate have increased,” said U Tin Maung. “This is especially true in newer suburbs.”
“The rental market falls a bit. Businesses are not very good these days. The businesses are dull, so the rental market is down,” said U Tin Maung. “During the COVID-19 crisis, many business rooms have been closed for a long time, and some people could not afford to pay the rent, so they returned the rooms to their landlords.”
Speaking about proper license in the real estate sector, the Myanmar Real Property Development Association said that if real estate businesses are controlled by licenses, various issues such as tax evasions and fraudulent sales can be eliminated.—Pwint Thitsa (Translated by Maung Maung Swe)
Additional ref: Real Estate Website In Myanmar