Realtors in Myanmar are seeking ways of building and strengthening a network among the nation’s real estate industry business amid a slumping property market.
Real estate agents, brokers and other industry figures urged the government at an event to issue licences for real estate brokers, draft a real estate law and build a business network in cooperation with realty associations in other ASEAN member countries.
The proposed real estate law, which is at the drafting stage, will be the first of its kind in Myanmar if introduced.
Since the beginning of this year, the once overheated property market in Myanmar has cooled down, fuelling speculations that Yangon’s real estate market will continues to fall this year from the peak.
Despite such prediction, sale and rental prices for apartments and houses in Yangon’s main townships and suburbs remain unchanged.
Real estate traders insisted that there are positive sign despite current sluggish property market in Yangon, which is expected to grow 8 percent this year.
Office apartments market may enjoy a significant rise as local and foreign investors show great interest in Myanmar’s real estate industry, one of the top sectors of foreign investment.
Yangon will continue to remain a major commercial centre, predicting that the trend still makes it hard to strike a balance between supply and demand in 2015.
Real estate remains the sixth largest foreign investment receiving sector in Myanmar with $2.27 billion, accounting for 4.21 percent of the total FDI of $54.08 billion as of February. (Xinhua)
