FMR's H1 2019 Yangon Real Estate Review is the latest edition of our comprehensive research report into the city's property market.
Researched by our team through hundreds of site visits and interviews, the report contains more than 250 pages of information and is an essential resource for developers, contractors, consultants, lenders, materials suppliers and other companies.
Fully updated up to July 2019, it contains three main sections:
- Project profiles. More than 70 detailed profiles of in-planning or under-construction projects, with information on developer, status, location, funding, pricing, sales take-up, contractors and consultants, completion dates, background and more
- Market review. Analysis of the Yangon real estate sector, with key news across different segments, district-by-district mapping and profiling, legislation, analysis of the residential, commercial, retail and hospitality markets, supply forecasts, data and more
- Company profiles. More than 70 profiles of developers and contractors involved in Yangon real estate, as well as local authorities and state bodies relevant to the sector
To view the Table of Contents and a selection of sample pages, please click here.
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The report costs $1,600 in PDF format.
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- Off-plan residential sales showed signs of greater activity in H1 2019 at some developments, and several new projects were launched. However, there are wide variations in take-up across projects. Some particularly compelling offerings saw significant sales, such as Star City and Times City. Several developers halted saled for their projects, such as those behind Novotel Suite Max or Mindhama Residence Phase 2, while progress remains unclear at Union City or SAT Premium II. Developers continue to organise regular sales exhibitions and promotions, with discounted pricing.
- While sales still remain modest, a significant residential pipeline is evident. In the Grade A market, we expect around 5,000 new units to come online by the end of 2019, with more than half scheduled for H2 2019, although further delays are likely.
- No significant launches occurred in the office market in H1 2019. We still expect more high-end office units to come online in the next few years, with further downward pressure on leasing rates, which appear to be relatively flat at present.
- Retail real estate continues to outperform other areas of commercial real estate, as Yangon's emerging class of consumers spur the development of new high-grade retail space across the city. No launch occurred in the retail market in H1 2019. Times City however will represent a large addition to Grade A retail stock when it opens in early H2 2019.
- The Condominium Law came into force in H2 2018, after years of uncertainty and delay. Its impact is already being felt, with developers having started to register projects with local Condominium Management Committees. The new law may also open up a bigger spectrum of financing options for homebuyers. However other pieces of legislation, such as the Apartment Law and Real Estate Service Law, are still in a draft stage.
- The hospitality sector is experiencing a challenging period, however it has been catching up as of H1 2019, showing improvements in tourist arrivals. Coupled with a number of high-end openings in H2 2018, this has created downward pressure on occupancy and sales. In H1 2019, no major high-end project was observed. Nonetheless, interest in the hospitality market remains from overseas investors, with several new projects expected to bring a significant number of rooms onto the market in H2 2019 and 2020, though hospitality developers may still look to rethink their offerings as the market works to digest the excess stock.
- Overall, the Yangon real estate market appears to now be emerging from a challenging period, with progress on legislation and financing options likely to encourage more sales going forward, particularly in the mid-range market. We still expect to see more project cancellations and delays, however, as developers reassess the viability of projects that were originally planned several years ago and are no longer feasible in current conditions.
- One indicator of the health of the market will be the interest shown by developers in the proposed Yangon New City. The ambitious project picked up steam in H1 2019, culminating in the release of the mega-development's master plan in July 2019. The project - if it moves forward - is likely to reshape western Yangon and galvanise further investment in the commercial capital's infrastructure.
FMR is Myanmar’s leading business information and advisory company. Established in 2014, our experience spans multiple sectors including energy, finance, real estate, construction, transport, industry, infrastructure, e-commerce and retail.
We produce a range of customised and subscription-based research and advisory services, taking a bottom-up approach that uses primary information gathered by our full-time staff in Yangon. Our team includes Myanmar and international consultants with a variety of backgrounds.
Thanks to our continuous on-the-ground presence in Myanmar over the past five years, FMR can draw on an extensive network of contacts across different industries, plus a unique in-house archive of datasets and information.
Our clients include private-sector companies across various sectors, plus advisers, law firms, banks, investors, IFIs, embassies and other organisations.
We operate four subscription services: the Myanmar Energy Monitor, the Myanmar Real Estate and Construction Monitor, the Myanmar Transport Infrastructure Monitor, and the Myanmar Financial Services Monitor.
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