“Home loans are still quite popular this year, even though the number of properties sold on the market has declined,” he said.

Prices have fallen, and in some cases buyers are bidding almost 50 percent of the asking price. As interest rates have been reduced, home loans have become an attractive option for those looking to enter the market, said U Nay Min Thu, Managing Director of iMyanmarHouse.com.

“People are mainly interested in housing projects in townships outside Yangon and projects in other Regions and States. In Yangon, people are interested in apartments that have prices under K50 million,” he said.

The market has been adversely affected by the COVID-19 restrictions, meaning that the overall volume of sales has dramatically fallen in the second half of 2020, said U Tin Maung, chair of Myanmar Real Estate Development Association.

Online sales and marketing have picked up during the second lockdown as it’s almost impossible for agents, buyers and sellers to meet in person, said U Kaung Thu Win, director of Shweperoperty.com.

“As about 90 percent of the buyers are searching for property online, companies need to provide accurate and reliable information,” he said.

Moreover, buyers tend to ask more questions via online messenger and through emails and realtors need to change their marketing strategies to assure this new generation of buyers, he said. - Translated