29 January 2021
Although Yangon's real estate market remained sluggish in the previous year due to COVID 19 pandemic, it is rebounding again in the early 2021 quoted the real estate agents as saying.
U Nay Min Thu, Managing Director of iMyanmar House spoke to MI Radio that there has been an increase in real estate sales in the townships where the Yangon New City project is implemented. He continued, "The current situation does not return to normal compared to the sales before this period. But sales and rents are back to business again. Especially in this January, the sales increase again. The land sale is also in a good status and sales are taking place in the areas where Yangon New City project is implemented. There are many people who are interested in the real estate market of Dala and Kawhmu-Kungyangon. Regarding the project, 10% of our lands are being sold out via the online at the moment. We are also expecting the sales to increase gradually from 10% to almost 30%.”
The real estate market, along with other businesses, was hit hard by the COVID outbreak in 2020. During that time, the real estate market went up and down and the market has become cold since the start of the second wave of COVID 19 until the end of 2020.
U Than Oo, Vice-Chairman of the Myanmar Real Estate Services Association spoke to MI Radio that the real estate market has returned to normal since the beginning of this year, and because the government has eased the property tax rates, the sales conditions are likely to improve again. He continued, "As Myanmar's economy strengthens, so does the real estate market, a sector that depends on it, is going to recover in both buying and renting. The market is expected to improve because the real estate policies laid down for the market will be in place by 31st September 2021. The reduced tax rate is 6%, and which is not 30% like last year, and it is much cheaper now. The real estate market already has a good foundation with a flexible tax rate that applies to all people from different classes.”
Yangon's real estate market is selling a wide range of real estates, ranging from 50 million kyats to 100 million kyats, depending on where they are located. Real estate agents also predict that Yangon's real estate market will be promising in the future.
Moreover, in the new fiscal year, more than $80 million from foreign investment came for five out of 12 sectors in Myanmar, including $8 million in real estate market, according to the Myanmar Directorate of Investment and Company Administration (DICA).
Thaw Tar Swe Zin and Pyay Thein