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Property market to remain cool for now

Property market will continue to remain cool in the short run though it may become active beyond 2018, said Nay Min Thu, managing director of iMyanmarHouse.com, a local property website.

“Dwindling property market may revive if there is a massive inflow of foreign investments into the market later in the year,” he added.

There will be an inflow of 30 per cent foreign investment into the market for every one dollar in foreign investment. Foreign companies need apartments, condominiums and office rooms for foreigners. They also need land spaces for the establishment of factories. Thanks to it, the property market will see a boom. The market will become more active. It will see a boom in the rental market, he said.

Aung Naing Oo, director-general of Directorate of Investment and Company Administration (DICA) said: “Last year, the market saw a huge inflow of foreign investments and a market boom is expected this year. The reason is the bylaw for condominium has emerged. Thanks to it, foreigners can buy condo apartments. The legal sector is said to be strong after the emergence of the Condominium Law. It would help support the overall real estate sector substantially.”

In 2017-2018 FY, the 10 foreign investments in the property sector reached US$ 1261.977 million, accounting for more than 22 per cent of the total investments. The citizen investments in the property sector represent 38 per cent of the total investments with nearly Ks-1,536 billion in investments, according to the DICA.

There are high demands for low-cost apartment worth between Ks-10 million and Ks-500 million. Low-income families have to rely on the rental market as property prices are not within their reach.

Source: Eleven Myanmar

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