August 19, 2016

Time is up to make big money from property investment, realtor says

Expo visitors examine a housing display at a property expo in Yangon yesterday.  Photo: Ye Myint
Expo visitors examine a housing display at a property expo in Yangon yesterday. Photo: Ye Myint

Despite optimistic predictions of a resurgence in the country’s property
market next year, it is impossible to turn much profit with real estate from 2016 onwards, said an experienced realtor at a property expo in Yangon yesterday.
The time is up to make a lot of money by investing in a plot or an apartment, said U Aye Min from Aung Thamardi Real Estate Co., Ltd, adding that the housing market is forecast to rebound in 2016.
The realtor also pointed out  that despite the situation in which there is a large number of properties with no people living in them many people dream of owning their own home during his talks on the 2016 real estate outlook.
As one of the factors to reverse the current trend of the deflating market, it is required to develop new affordable housing construction by local builders in cooperation with foreign developers so that the sector will be able to show its ability to bounce back.
According to realtors and builders, the market has attracted not only businesspeople but also individuals investing in the sector boasting immense potential for significant profit since early 2013, but the drop in both sales and rentals has become evident since early this year.
As a result of seeing increased interest in the booming property market, the overheated property market has cooled with sales slumping, leaving the real estate sector in a holding pattern.
They added that investors and developers as well as potential buyers of homes tend to hesitate for an appropriate amount of time, preferring to adopt a ‘wait-and-see’ approach.
Hoping for healthy growth of the country’s property market, real estate companies have gathered at a three-day property expo set to run until today in Yangon, showcasing apartments and condos for sale.
“Stakeholders in the sector want to turn the property market, which is in a wait-and-see mode, into an active one through this event”, said a participant to the expo.


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