The extreme lack of supply in Yangon’s condominium market has been highlighted by new research from real estate agency Savills.
According to the latest briefing covering the second half of 2014, the city’s primary condominium market consisted of approximately 3,464 units from 19 projects – of which more than half are scheduled for completion after 2015.
Primary asking prices are among the most expensive in Asia, and ranged from US$1,075 per sqm up to US$4,300 per sqm, excluding government tax.
The Savills report noted that the main purchasers of condominiums are local occupiers and investors who buy to lease. Besides, it said, residents from other cities such as Mandalay may use condominiums as their second homes.
Savills noted that tuture supply will mainly come from three large projects located in Western district and townships Dagon Seikkan and Thanlyin.
Read the full Savills Yangon Briefing report here.
Andrew Batt, International Group Editor of PropertyGuru Group,
wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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