Demand in the real estate market started to decline in the late 2015 and, in 2017, there was no significant progress, according to House.com.mm on Monday.
“In the early months of 2016, the real estate market seemed to bring a bright future. But, in the middle of the year, the market froze,” said Thet Naing Oo, managing director of Maverick Management Company.
In the early months of 2016 early months, there was demand for condominiums under K200 million but sales and rentals in other price ranges were not good. By the end of 2016, there was a little demand for apartments under K300 million. Although there have been exhibitions held for the sale of condominiums and houses in 2017, there were fewer people buying houses or condominiums according to Ei Myat Mon from House.com.mm.
The biggest change in recent years is choice: renters now have a lot of it, which was not always the case a few years ago. Supply has caught up to demand and there are now a variety of rental types across a range of prices. This trend is likely to continue in the future.
“In the renting of apartments, there are increases in numbers such as Golden City or Crystal Residences but arrivals and demand from foreigners is not great compared to previous years. The rental market is the same,” said Dr Htoo Myat Naing from Estate Myanmar Rental Estate Agency.
Source: Eleven Myanmar
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