Thailand
Myanmar: Real Estate Market Cools Due to the COVID-19
Yangon Real Estate Market is inactive due to the COVID-19 with some owners offering their property at a lower price.
“As the COVID-19 cases are increasing, people who have purchased the properties are now offering theirs at a lower price. However, there are only offers and very few transactions,” a realtor in Shwe Pyi Thar Township said.
Before the second wave of the pandemic in Myanmar, there were transactions, buying, or leasing. However, the market started seeing reduced demand starting from early August.
“Now, quarters are under lockdown and it is very difficult to move to a new place. And quarter administers do not let strangers enter their community. Thus, the rental market almost stops,” a female real estate agent from Thingangyun Township said.
Local businesses suffer a severe blow by the impact of the COVID-19 and the demand for the properties is also reduced. However, the property prices show no significant price drops despite lower demand.
“We hope things will get back to normal after the pandemic. However, it would not be very easy since people have no cash in hand,” a realtor from North Dagon Township said.
Written by Ko Myo
Source: https://mmbiztoday.com/real-estate-market-cools-due-to-the-covid-19/