October 20, 2017

Myanmar real estate set to cool in 2017

A panoramic view of Yangon City.

The Myanmar real estate market remains cool in 2017 and the price of the real estate is expected to decline, according to the Myanmar Real Estate Services Association.
“The price of real estate market is continuing to decline. I thought that the real estate market would go up again in 2017. Now, it does not become what I expected, for various reasons,” said U Than Oo, vice chairman of Myanmar Real Estate Services Association.
“The property market will remain cool because the new government does not change the rate of taxes. On top of that, Yangon region chief minister said that he has planned to control the property market. The market cooling can affect other economic situations. So, we have already requested the government to change the rate of real estate taxes,” he added.
The property market prices in Yangon declined Ks100,000 per square foot street price from 2015. For example, one square foot of land has decreased to Ks200,000, down from Ks400,000 in Sanchaung.
“Although the real estate market has declined, the market is still cool because of market failure and lack of job opportunities,” said U Myint Sein, owner of Phowa real estate service agency.

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