Property developers come under pressure as dollar rises

Property contractors are under pressure from rising costs of building materials as a result of the higher dollar-to-kyat exchange rate. Building machinery and materials such as steel bars, which are imported from overseas, have become dearer to local developers and contractors on the back of the appreciating dollar, which yesterday hit a new high of […]

Australia’s Frontier Digital Ventures to Invest Millions into iMyanmarHouse.com

Australia based Frontier Digital Ventures (FDV), is a a that was founded in May 2014 and headquartered in Kuala Lumpur, Malaysia. It focuses on becoming the world leader in online classifieds businesses in frontier markets. They are experts in the online classifieds space with a particular focus on property and automotive verticals and general classifieds […]

Real Estate Sector to Pick up on Back of Foreign Demand

Demand in the Myanmar real estate market is expected to pick up in 2018 now that the rules to the new Condominium Law have been released. Under the new rules, property investments by foreigners are expected to spike, said U Aung Naing Oo, secretary of the Myanmar Investment Commission. The rules, which were released in […]

Myanmar drafts digital economy master plan

The Digital Economy Development Committee (DEDC) is drafting the Myanmar Digital Economy Development Master Plan to develop and regulate the country’s booming digital economy, committee member U Mya Moe Aung said. In addition, the DEDC will prepare a short-term (2-3 years) and a medium-term (3-5 years) working programme. It will start implementation when the master […]

Prices of condo apartments fall by 20-30 % in Yangon market: real estate agents

U Nay Min Thu, managing director of iMyanmarHouse.com, a property website, said the commercial city of Yangon saw a 20 to 30 per cent decline in the prices of condominium apartments in comparison to 2013, according to a report of the Myawady Daily issued on Saturday. “Now the country’s property sector is facing a market […]

Tech Venture Capital Firm Receives $5 Mln Investment

Myanmar’s larg­est online prop­erty portal, iMy­anmarHouse.com has announced an investment of $5 million into a venture capital (VC) fund for local tech startups, U Nay Min Thu, Managing Director of iMyanmarHouse.com, told Myanmar Business Today. “Myanmar’s tech startup community is far smaller and less developed than neighboring countries. The fund will encourage en­trepreneurs by rewarding […]

Property Brokers Eye Offshore Condo Sales

Local property agents are expanding further into Singapore’s condominium market, taking the opportunity presented by a change in visa regulations, contained prices and a friendly regulatory environment. However, demand for purchasing property overseas is still lagging. Myanmar investors currently represent less than 1 percent of the foreigners buying into the Singapore property market, according to a report […]

Developers face penalties amid construction ban

As a city-wide suspension on high-rise projects continues, developers in Yangon say they will have to pay penalty fees to buyers for failing to complete their projects on time and may be forced to default on their bank loans. Last month Yangon Region government ordered a construction freeze on all projects with nine floors or more, while […]

Sales to rise, prices to fall, say Yangon real estate agents

Real estate is likely to bounce back in 2016 after more than a year of depressed sales, while prices will fall as new supply comes online, said investors and agents. Following a relatively smooth election, the volume of transactions will be “back to normal”, they said, referring to last year when the industry was thriving. […]

Home Ownership Dream Slips Away from Many Yangonites

As the price of real estate in Yangon keeps rising, the dream of homeownership is slowly slipping away for many of Myanmar’s middle-class. Many have been trapped in a cycle of perpetually paying rent, and saving money to buy a home has become more and more difficult. “When I started renting my apartment, I paid […]