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July 09, 2020

HOUSING SECTOR SLUMPS — Entrepreneurs call for efforts to resuscitate sluggish property market

A new housing in Yangon is ready to welcome customers.
A new housing in Yangon is ready to welcome customers.

VICE Chairman U Ko Ko Htwe of the Myanmar Construction Entrepreneurs Association (MCEA) has called for the convergence of a five-party meeting to discuss the resuscitation of what is currently a sluggish property market scene.
The government, parliament, entrepreneurs, buyers and sellers should meet at one place together in order to pool ideas to find a proper solution to the issue at hand, he said.
The country’s housing market reached its high water mark between 2011 and 2014 but is now at almost at a complete standstill despite recent legislation opening the rental and ownership market up to foreign investment.
Economist Dr Maung Aung stressed the importance of cooperation between enterprises within the industry to try to gain the power to better grasp economic opportunities and expand the viability and attractiveness of the sector.
Currently, the cost of condominiums and purpose-built affordable housing is beyond the reach of many low-income families who lack capital or do not meet the requirements for a housing loan.


Ko Moe


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