Construction slows down in Yangon

The number of building projects in Yangon fell from 600 to 400 per month between November and December, according to the Building Department under the Yangon City Development Committee.

“The rate dropped in these two months. We had to permit only 400 projects last month,” said an official from the department.

Many people blame the sluggish market and lowering demand for apartments for the drop.

“The property market is rather inactive. I expect demand will get higher again along with the shift in government next year,” said Myo Myint, a building contractor in Yangon.

“Property prices have not fallen significantly, in spite of the low demand,” he added.

However, despite the slow-down, the total number of construction projects between January and August this year (4,853) is still higher than last year’s number during same period (4,329).

Source: Eleven Myanmar

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