Real estate agent still waiting

The property market has warmed up a bit after the election but it will fully recover only after the first quarter of next year, real estate agents said.

Currently, some property deals are being carried out with the lower prices, but most people that come to the agents are checking prices but not buying, realtors say.

“Only a few sales have been finalised. Buyers and investors are waiting till March or April 2016 when a new government will be formed,” said a marketing executive from real estate agency Estate Myanmar.

More deals have been sealed for office rentals, he added. “There has been very few enquiries for Bahan and Kamayut townships. Buyers ask mostly for Mingalardon, North Dagon and South Okkalapa townships,” he said.

Daw Theingi Mar, another real estate agent from Myint Mo Real Estate Agency in North Dagon, told Myanmar Business Today, “During the election period, there were no sales. But after the election five to eight sales are happening daily.”

Currently, only big property brokers can afford to hold on to the land in their hands, but most are selling their lands even if the profit margin is too thin, she added.

Source: Myanmar Business Today

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