Based upon a research done by Property Solutions Company for the past three years, number of condominiums will be doubled in 2017 compared to 2014.
Managing Director of the company said that in 2014, there were 5,586 condominium units in Yangon. More will be developed in coming years. The number of condominium units is expected to be about 14,811 in 2017. Out of 14,811, about 5,000 will be classifed as high class luxury condominiums and 7,800 condominiums will be middle class condominiums.
According to the survey, there will be 13 condominium projects due for completion in this year, 7 projects in 2016, and 11 projects in 2017 and 2018. This survey is based on recent constructing projects of huge construction businesses. Some may face diffculties for fnishing work in process condominiums as the buying and selling of condominium units are decreasing during this year.
The survey also stated that in 2012, condominium market opened up and it reached record highs in 2014. The sales of 5,102 units in 2014 were over 50% compared with 3,328 units in 2013.
The founder of one major developer said that the investors are becoming less interested in investing condominium constructions due to uncertainty over elections. After elections, the prices of land and property will become more attractive. Although number of condominiums increased, only few can reach standard of international quality. The prices of condominiums in suburb are also expected to fall, but, those of high end condominiums in the centre of city remain stable at present.
If condo law can be in place soon, the demand for condo units will increase as the owners would now be able to register their units for ownership titles. At the same time, the increase in demand might be hampered by the taxes at the times of registrations and transfers.
