According to the Yangon City Development Committee (YCDC), an average of 500 buildings are permitted for construction every month in the city. However, the committee has no data on whether all of the permitted buildings end up being built.
In 2015, the property market in Yangon slumped significantly compared to previous years. As a result, construction activities in developing townships such as Thingangyun and South Okkalapa slowed, with some projects even ceasing mid-construction.
There also have been cases of construction companies completely abandoning their sites, leaving investors or landowners with unfinished projects and depleted funds.
“The property market, especially for apartments, is stagnant. We are still building, but we have to pace ourselves. New players in the construction sector are also wary and are not interested in contracting development projects. Many of us are hoping that around a year and half from now, when the political situation stabilises enough for more foreign interest, the market will get another kick-start,” said the owner of a local construction company.
Source: Eleven Media
