Election Has Speculative Land Purchasers Running

Investors are closely watching the 2015 elections, as this uncertainty has led the real estate market to slow down over 50 percent from last year, according to an official from the Myanmar Real Estate Service Association.

“The market is cooling down due to the election, but we need to watch things carefully after 2015 also,” said U Than Oo, vice president of the association.

The market over the whole country is cooling down, but some project areas and some commercial zones have been hit less by the market factors. People are buying homes to live, but speculative purchasing has slowed down significantly, real estate agents say.

“Deals have happened in major projects, but after the kyat depreciated significantly against the dollar, smaller developers have seen decreased sales,” said U Than Oo.

The real estate market has seen few sales of property over K500 million this year, he added.

Source: Myanmar Business Today

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