Market Trends of Myanmar Residential Real Estate Industry
Growth of Urbanization Driving the Market
- The ongoing effects of COVID-19, rising prices, and the political unrest in Myanmar devastated populations, forcing them to adapt and develop coping techniques. The typical migration pattern from rural to urban areas, which significantly contributes to the nation's socioeconomic development, has been particularly interrupted. Serious repercussions for migrants and their families become apparent when the effect of this movement pattern is examined in further detail.
- These crises have severely affected workers and businesses and immobilized the nation and its economy. There were problems with the supply chain, increased insecure employment, and the closing of numerous enterprises. According to ILO projections, Myanmar has 1.1 million fewer women and men working than it did in 2020.
- A projected 19.3 million women and men were employed in the first half of 2022, a slight increase from the 18.6 million predicted for 2021. However, the proportion of employed working-age individuals was still significantly lower than before the military takeover. The ILO also claims that there is a substantial decline in work quality. For many workers, the working circumstances are precarious due to severe invasions.
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Yangon Public Rental Housing Driving the Market
- Yangon had immense potential to become a thriving model city for ASEAN cities. It was a metropolis with a vibrant social fabric, rising educational standards, a hospital environment favorable to business prosperity, a highly educated population, and local governments willing to undertake institutional change. The Ministry of Construction is undertaking public rental housing projects in Yangon, Mandalay, and Nay Pyi Taw, the highly populated cities, to better the socio-economic conditions of the people and generate work possibilities through the construction sector.
- On a 174-acre site in Yangon, a 3,104-unit public rental estate project would be built, with four five-story structures housing 194 apartments each. The government put millions of kyats into the project, and they hope to recoup their investment by charging long-term rentals to the general people. When the project is finished, the renters can rent a home in the housing estate at a reasonable rate. Each unit of the public rental housing will be 650 square feet wide. Each apartment contains two bedrooms, one living room, and one bathroom. The project area includes the market, school, clinic, playground, and park. Efforts are being made to lease some completed apartments in the project areas by the end of 2022. The finished units are now being installed with electricity and water supply facilities.
