Yangon property market, where the rental market was more active than sales, is now cold at the beginning of Lent, according to the agents.
As Buddhist Myanmar people tend to avoid moving houses as much as possible during Lent, the market is now slow.
“Since the lent period has arrived, the real estate market has been inactive. Before the Lent, rents and sales from other cities coming to Yangon were plenty. I have to show rooms almost every day. Some house owners also had to show theirs. Now the purchase is sparse. As for rent, there were some, but sparse. Those who have rented don’t move out during the Lent. Some will move only after the Lent. So, they extended the rent,” said a real estate agent.
Only when the Thadingyut comes, people will move home and Yangon property market can be active again.
In Yangon, cheap apartments are now rare and expensive ones are easy to rent out, said an agent from Kyimyindine township.
“Compared to the previous year, the real estate price and the rental price are a little higher this year. Previously, apartments with cheap rates were plenty, but now their prices have gone up. Cheap rental units are now rare. There are more and more expensive rental units,” he said.
In the real estate rental market in Yangon, there are more six-month contracts and deposit rentals, according to the real estate market.
MT/ZN
