Dec 5, 2014

Global property portal releases new research on real estate in Myanmar

December 3, 2014: Affordability is top of mind for house-hunters in Myanmar, with more than 60 percent of respondents in a recent survey of online property-seekers citing cost constraints as the deciding factor when they are searching for a new home.

The findings are contained in a new report from leading property website Lamudi, owner of House.com.mm, which today released its first annual report on real estate in the emerging markets. The report, Real Estate in the Emerging Markets, provides a comprehensive overview of the property sector in 16 emerging countries, including Myanmar.

The report is based on a series of online surveys conducted with house-hunters and real estate agents in each country, as well as onsite data from Lamudi’s global network of websites. The research examines the habits of online property-seekers, while offering insights into the future of the property sector based on interviews and surveys with local property experts.

The customer survey examined house-hunting habits among buyers and renters. While cost constraints emerged as the most important factor for those looking for a place to live, living close to family and friends is another motivator for local house-hunters. As budget constraints override other issues, factors such as the location of the property were deemed less important in Myanmar than elsewhere in Asia.

The second survey, targeting real estate agents, revealed the extent to which the property market has moved online. Traditional methods of finding property - such as newspapers and dedicated classifieds publications - are still the most popular tools used by house-hunters. However, 86 percent of agents surveyed said the Internet will be increasingly used in the house-hunting process over the next decade.

Lamudi’s Global Co-Founder, Kian Moini, said: “The primary conclusion that we have drawn from our research is that the future for Myanmar’s property sector is extremely bright. In fact, two-thirds of the brokers we surveyed were predicting growth of more than eight percent in the property market over the next year. Myanmar’s real estate market is now emerging as one of the most promising in Asia.”

Each country covered in the report offers an in-depth interview with key figures from the local property industry. For Myanmar, Ko Kyaw Kyaw from Asia Land Real Estate Services discussed the key challenges facing the property market in the country’s largest city, Yangon.

The supply in the city’s downtown area does not currently meet demand, leading to the emergence of new growth areas, he said. “As a result, people will likely begin to move outside of Yangon to areas like South Oakkalar, Hlaing Thar Yar, Thingangun, Mingalardone, Dagon Port, Shwe Pyi Thar and North Dagon,” he said.

The 16 countries covered in the report are: Indonesia, the Philippines, Myanmar, Bangladesh, Pakistan, Sri Lanka, Jordan, Saudi Arabia, Nigeria, Kenya, Tanzania, Morocco, Ghana, Ivory Coast, Mexico and Colombia.


ABOUT LAMUDI

Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 700,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.

 
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