Xinhua, Yangon :
Myanmar Construction Entrepreneurs Association has called for efforts to resuscitate the sluggish property market, urging to convene a five-party meeting to resolve the issue.
The five parties are to involve the government, the parliament, entrepreneurs, buyers and sellers.
Currently, the cost of condominiums and purpose-built affordable housing is beyond the reach of low-income families who lack capital or do not meet the requirement for a housing loan.
Myanmar’s housing market reached its high water mark between 2011 and 2014 but is currently at almost a complete standstill despite recent legislation opening the rental and ownership market to foreign investment.
Rental rates for condominium prices for foreigners have dropped 20 percent in Myanmar so far this year compared with last year as the number of apartments is increasing in the real estate market.
The number of foreign tenants is also on decline, according to real estate circle.
Previously, well-furnished 1,250-square-feet condominium cost about 1.8 million kyats (1,531 U.S. dollars), a drop from 3 million kyats last year and apartment rental rate for foreigners range from 1 million kyats to 2 million kyats per month, the average rate for houses is over 3,000 U.S. dollars.
In accordance with the approved Condominium Law, beginning this year, foreigners have been allowed to purchase not over 40 percent of condominium apartments in Myanmar.
Myanmar Construction Entrepreneurs Association has called for efforts to resuscitate the sluggish property market, urging to convene a five-party meeting to resolve the issue.
The five parties are to involve the government, the parliament, entrepreneurs, buyers and sellers.
Currently, the cost of condominiums and purpose-built affordable housing is beyond the reach of low-income families who lack capital or do not meet the requirement for a housing loan.
Myanmar’s housing market reached its high water mark between 2011 and 2014 but is currently at almost a complete standstill despite recent legislation opening the rental and ownership market to foreign investment.
Rental rates for condominium prices for foreigners have dropped 20 percent in Myanmar so far this year compared with last year as the number of apartments is increasing in the real estate market.
The number of foreign tenants is also on decline, according to real estate circle.
Previously, well-furnished 1,250-square-feet condominium cost about 1.8 million kyats (1,531 U.S. dollars), a drop from 3 million kyats last year and apartment rental rate for foreigners range from 1 million kyats to 2 million kyats per month, the average rate for houses is over 3,000 U.S. dollars.
In accordance with the approved Condominium Law, beginning this year, foreigners have been allowed to purchase not over 40 percent of condominium apartments in Myanmar.
