Property market expected to pick up after elections in Myanmar

Real estate developers are expecting the market to pick up after the November 8 election, when uncertainty over COVID-19 and the political process has cleared.

Although lower interest rates have attracted some buyers into the market, COVID-19 restrictions have dampened buyer sentiment. Many buyers are waiting until after the elections to make a move,” he added.

“A new government can effect changes in the economy, and sentiment can also change when new politicians come into office. People experienced this in 2015. So, they are waiting for a better situation or a change for the better,” said U Tun Lin, a real estate businessperson.

Online real estate expos have been popular during the COVID-19 restrictions, creating a different method of advertising and selling property in Myanmar, he said.

More than 90 percent of real estate market is inactive at the moment, but many real estate brokers expect activity to pick up in the next two months.

They also suggested that it needs to adopt the selling methods which are in accordance with market requirements depending on the changing situations.

Property buyers and speculators have also turned away from Yangon, looking towards other regions and states to make property purchases, said U Nay Min Thu, managing director of iMyanmarHouse.com.

After the first wave of COVID-19 many buyers were interested in affordable apartments in Yangon, between the K20 and K40 million price range.Now interest has switched to apartments, mini-condos and condos priced at around K80 million and under, according to the real estate agents.

Source : Myanmar Times

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