Thursday, July 27, 2017

Property industry experts predict post-2010 upturn

Looking beyond the current doldrums in the real estate market, industry professionals are counting on a resurgence in 2010 and beyond.

U Ko Ko Lay, director of Three Friends Construction, said his company aimed to build more apartments next year, in preparation for what he hopes will be busier times.

“We’ve been building 20 high-rise apartment blocks and duplexes yearly, and aim to build 20 percent more next year. There will be many business opportunities after 2010 and we hope to increase sales by 40pc,” he said, adding that the real estate market depended on the business situation of the country in general.

“The property business is related to growth in other industries that push demand up and increase people’s spending power. That’s why stability in 2010 and beyond can bring the best times for the industry,” he said.

U Hein Zan Aung, assistant manager of Sai Khung Naung real estate agency, said he expected huge investments after 2010 in what could be a peak time for the industry.

“Yangon is the commercial capital and harbour city, so real estate will surely boom in accordance with investment growth. Sales could go up by 80pc,” he predicted.

He named the likely hot-spots as the inner-city townships of Bahan, Sanchaung, Ahlone and Tarmwe, where many K200 to K300 million duplexes and high-end apartments were located.

“Most of the joint partnership projects involving the government will be complete by then, and there will be a surplus of apartments. I hope for a boost in sales in all commercial sectors in Yangon, but it’s hard to state a percentage figure,” he said.

U Min Lwin, managing director of Danahlaing Construction said: “Real estate is closely linked with the business situation of the country and the state of its imports and exports. Strong growth in the industrial sector will increase individual incomes so that people can buy more expensive properties. The rise in spending power stimulates more sales activity in the sector,” he said.