Property market still cool despite high expectations

The domestic realty market remains cool despite realtors having harboured high expectations, it has been reported.
“Currently, the real estate market is stable and cool because businesspeople are carefully watching the activities of the new government. As the formation of the Myanmar Investment Commission is delayed, foreign investors cannot make any investments whatsoever in the realty market although they are interested and ready to invest,” said a proprietor of a property agency.
“Both the renting and selling markets are cool. According to research data there are many people in Myanmar and overseas who wish to rent flats but due to prevailing circumstances the market remains fairly cool,” said the leader of a survey team from a research company.
“The realty market will become active only when a large number of foreign direct investors enter the Myanmar housing market. We can do nothing but turn to renting. Still, there are not many clients to rent our flats and apartments,” said Daw Myat Mo Mo, MD of Phoenix Lan, a real estate agency.
The advanced purchase system has proved quite popular among constructors since it was introduced. However, buyers are nowadays very conscious to buy flats under the advanced purchase system because it has been reported, many cases of fraud and theft have occurred. This being so, the advanced purchase market is also rather cool with potential buyers coming with many requirements and offering low prices.

 

Source: The Global New Light Of Myanmar

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