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Analysis of Yangon’s condominium market, highlighting rising demand for lower-tier and mid-range units amid lockdowns and interest rate adjustments in Q3 2020
Summary & Recommendations
HEIGHTENED INTERESTS FOR LOWER TIER DEVELOPMENTS
While sales are presently impacted from prolonged lockdown measures, buyers’ preference towards lower tier condominiums appears continually emerging. This has also been recently reinforced with the lowering of interest rates by the Central Bank. Meanwhile, given the relatively static unsold inventories, developers are continually encouraged to ramp and speed up sales efforts. This, in anticipation of competition arising from deferred projects likely to resume sales launches starting 2021. As the condominium market faces strong headwinds, product preferences are also evidently shifting. We recommend developers and investors to start exploring offerings towards basic apartments as well as low to mid-range residential developments – which appears to generate heightened interest especially among end users. In fact sales uptick has been more profound on projects with prices ranging between USD30,000 to USD200,000 per unit.
