Tech to transform the Myanmar real estate market

Whist it remains difficult to make purchases directly with companies and salespeople during the COVID-19 lockdowns, those who can adopt and utilise mobile technology will thrive – not just now, but in the long term.

This is also the view of Myanmar realtors, as they face one of the most challenging markets in recent history.

“The real estate industry often works by making deals through personal contact, between buyers, sellers and agents. That’s how people like to build trust,” said U Kaung Thu Win, founder and director Shweproperty.com.

“Only those companies which are able to use new technology will survive,” he added.

Instant messaging bots, apps and video conferencing programs all enable buyers, sellers and agents to talk with each other. They also allow agents to promote and screen video recordings, and upload information about their properties.

U Kaung Thu suggests that real estate agents should upgrade their sale teams, in order to better meet the new needs of customers. Yangonites also like to choose second properties in other states and regions, said U Lin Tun Ko, sale and marking director of Loi Kham Residential Complex.

“The people living in Yangon previously bought their second homes in Yangon. But after the outbreak of COVID-19, they have been choosing houses outside of Yangon – in places like Kalaw, Taunggyi and Pyin Oo Lwin,” he said.

The market is also likely to suffer a price correction, meaning that agents and sellers need to focus more on adding extra value to their properties. This may include making buildings more pleasant to live in, and focusing on better advertising strategies.

Construction companies and agents need to study market data, so that they understand what buyers are looking for, said Managing Director Mr. Richard Emerson from Emerson Real Estate Myanmar
As the market begins to weaken, buyers will look for bargain opportunities. Developers should focus on better quality to maintain a good selling price, he explained.

But relying on a full-scale recovery may be more problematic.

“For the market to properly recover we need lots of things to align – bank loans at low interest rates as well as a tax system that encourages property ownership,” he said.

“Moreover, rather than implementing many projects, we need to study the market and understand which projects are more feasible to sell. Only then we can sustain the real estate market without suffering losses,” he said.

Source : Myanmar Times

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