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October 15, 2019

Prices of condo apartments fall by 20-30 % in Yangon market: real estate agents

The real estate market became active again in early 2017, but prices remain low. Apartments price declined by 20-30% in the market.  Photo: Phoe Khwar

U Nay Min Thu, managing director of iMyanmarHouse.com, a property website, said the commercial city of Yangon saw a 20 to 30 per cent decline in the prices of condominium apartments in comparison to 2013, according to a report of the Myawady Daily issued on Saturday.
“Now the country’s property sector is facing a market downturn. The city’s real estate market remains cool and sees a low demand for housing and condominium apartments. However, demand continues to grow in the rental market,” one of the city’s real estate agents. Property markets in downtown are also seeing excess supply, he added.
Property agents say that the emergence of bylaws for the condominium Law in December is expected to become a push for the falling real estate market.
U Min Htain, director-general of the Urban and Housing Development Department, said the construction of Yadanar and Ayeyarwon housing projects being developed by the Ministry of Construction faces a delay due to the cooling market.
The property market had boomed in recent years. Since then, room, house, land and apartment prices have skyrocketed. But in late 2014, the market declined due to low demand. The real estate market became active again in early 2017, but prices remain low. According to the Directorate of Investment and Company Administration, 24.81 per cent of Myanmar citizen investment of permitted enterprises as of this November went to the country’s real estate development sector.

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