Real estate developers in Myanmar anticipate the market to accelerate post-elections

Once the uncertainties over the political process and the pandemic has cleared, consumer sentiment is likely to improve 

Yangon, Myanmar downtown city skyline. SeanPavone/Shutterstock

Property developers in Myanmar are feeling optimistic about the future of the market post-elections, sharing that consumer sentiment will pick up once uncertainties over the political process, as well as the pandemic, has been cleared, reported Myanmar Times.

“A new government can effect changes in the economy, and sentiment can also change when new politicians come into office. People experienced this in 2015. So, they are waiting for a better situation or a change for the better,” expressed real estate businessman U Tun Lin.

“Although lower interest rates have attracted some buyers into the market, COVID-19 restrictions have dampened buyer sentiment. Many buyers are waiting until after elections to make a move,” he added.

More: Myanmar’s potential as a hub for industry supplies a glimmer of hope for real estate

During the height of the outbreak, the industry has been relying on virtual expos, which have become quite popular among investors and consumers. This new format has enabled the industry to advertise and sell properties in the midst of social distancing measures.

Over 90 percent of the property market is currently inactive, but most of the real estate brokers expect transactions to increase in the coming months.

They also encourage the industry to adopt selling techniques that abide by market requirements based on the ever-changing situation.