Buyers have the upper hand in beleaguered condo market in Myanmar and are looking beyond location and price

The Myanmar condominium market has developed considerably on the back of changing demand trends in recent years.

These days, buyers are looking beyond location and price. They’re now taking size, nearby amenities and resale value into account when purchasing a new condo. The evolving trends could jumpstart growth in the ailing condo market and mark a turn in the residential property cycle.

Before 2010, properties were categorised as condominiums if they were between 2,000 sq m and 2,500 sq m in size and had a minimum of three bedrooms. Demand has changed since then, and new condo developments now come equipped with additional sports and recreational facilities as well as security. 

More recently, condos are being included as part of mixed development projects. One example is the Golden City project in Yankin township comprising condos and office units as well as an upcoming shopping mall and hotel which will be complete next year.

By incorporating condominium units as part of the project, its developer, Golden Land Real Estate Development Company, is able to secure better residential demand from foreign tenants occupying the office blocks who want to live close to their workplace. These include CITIC and potentially, the Bank of China. 

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