July 02, 2017

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Realtors gather to strengthen business networks in Myanmar property market

The Myanmar Real Estate Services Association holds its first annual meeting in Yangon on Thursday.
The Myanmar Real Estate Services Association holds its first annual meeting in Yangon on Thursday.

Real estate agents, brokers and other industry figures from across the country gathered Thursday in Yangon for the Myanmar Real Estate Services Association’s first annual general meeting.
The meeting is aimed at building and strengthening networks among the country and region’s real estate industry businesses, U Khin Maung Than, chairman of the association, told the Global New Light of Myanmar.
“We have threes objectives—to encourage the government to issue licenses for real estate brokers, to draft a Real Estate Law and to build a business network with realty associations in other ASEAN member countries— to be implemented in future.”
The association has not yet started drafting the proposed law, which would be the first of its kind in Myanmar, and is still at the planning stage of selecting those who should be involved in the process, the chairman added.
Since the start of this year, the overheated property market has cooled with sales slumping, spurring the view that Yangon’s real estate boom is about to end.
Despite such predictions, sale and rental prices for apartments and houses in the Yangon’s main townships and suburbs remain unchanged.
On 5 April, the government announced new income tax rates on property transactions with reductions following the approval of the Parliament. Thanks to the reductions, agents and market observers predicted the cooling property market will be alive again.
MERSA member U Aung Tin said there are positive signs despite the current sluggish state of Yangon’s property market.
“The country’s real estate market is expected to grow again, as the country is also expecting to see economic growth and development in the years ahead,” he said.    He also highlighted the importance of public-private partnership for property market stability with the establishments of low-cost housing by the government in cooperation with developers.
The MRESA, a non-governmental organization representing those working in the real estate profession, was founded in 2012. With a membership of 3,604, so far 19 regional associations have been formed in the country’s regions and states including Nay Pyi Taw except Chin State where a property association is expected to be formed next month.

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