With a condominium law enacted in January, expatriates can now own apartments in Myanmar, which has had a positive impact on the condominium market, it is learnt from the real estate dealers.
The real estate market became more attractive after the general election was held on 8 November 2015. At that time, the condominium law was not yet formulated.
The sellers outnumber the purchasers in the Yangon real property market. Apartments that rent for under Ks2 lakhs are quickly taken, said U Kyaw Kyaw Soe from Win real estate business.
But the rent for apartments on Pyay Road and in Mayangon Township is exorbitant because of the popularity of the area for many foreigners. But the demand has made the real estate market in each township better, dealers said.
Some condominium proprietors would like to rent their apartments only to foreigners, said the one who is engaged in the real property business.
Yangon is a vibrant metropolitan city as well as Myanmar’s commercial centre. Therefore, the real estate market is better than other towns in Myanmar. The price of real estate has also risen from the improved economic relationship with foreign countries.
In Asia, Hong Kong, Singapore and China are considered the top places to invest in real property. However, the slowdown in China’s economy affected the real estate market, prompting investors consider other countries in the region to make investments.