Yangon real estate market recovers late in the year

The Yangon real estate market has bounced back from a two-year cooling period at the end of the year, with sales and rentals of real property going well, said Yangon real estate agents.

“It is a long time that the real estate market has been cool. However, the sales in the end of year are higher than the previous year. Especially, the real property in Shwe Taung Kyar, Kamayut, Bahan and Mayangon are highly demanded.

The plots of land worth Ks1,000 million and Ks2,000 million are selling well”, said a real estate businessman. With the Yangon real estate market raising its head again and foreign investments entering Myanmar, there is a surge in the rental market in industrial zones, especially in the East Dagon industrial zone and Thilawa.

Recognising the need to encourage real estate investment, the government has passed the Condominium Law to support the development of a more robust legal structure focused on the industry. With the Condominium Law enacted in January, expatriates can now own apartments in Myanmar, which has had a positive impact on the condominium market, it is learnt from the real estate dealers.

Source: Global New Light of Myanmar

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