This report is based on research carried out in Yangon since 2014, as well as the longer-term market understanding of staff. In addition to conducting interviews with developers, contractors, brokers, government and local authority officials, as well as other relevant businesses and organizations, the publisher conducted numerous site visits to the projects mentioned in this report.
The report is aimed at a wide range of readers, including developers, investors, funds, and consultants, as well as construction companies, architects, and building materials suppliers seeking to do business in the sector.
The review is updated semi-annually.
Researched by the publisher’s team through hundreds of site visits and interviews, the report contains 60 pages of information and is an essential resource for developers, contractors, consultants, lenders, materials suppliers, and other companies.
Fully updated as of June-August, it covers data and analysis on pricing, occupancy, stock, and supply in the residential, office, retail, and hospitality segments of the market.
Table of Contents
Section A: 2023 Real Estate Sector Brief
- Economy
- Exchange Rate
- New Policies Concerning the Real Estate Sector
Section B: Sector Overview
- Project Overview
- Building Completion Certificates and Construction Permits
Section C: Residential Market Analysis 1
- High-end Residential Stock
- Market Demand
- Residential Pricing
- Sales and Booking Rates
- Future Supply Pipeline
- Serviced Apartments
- Market Demand
- Occupancy
- Pricing
- Supply Forecast
- Mass Market Housing Projects
- Summary Residential Outlook
Section D: Office Market Analysis
- Pricing and Occupancy
- Outlook
- Office Stock and Supply
- Serviced Office Market
- Office Outlook Summary
Section E: Retail Market Analysis
- Occupancy and Pricing
- Leasing Terms
- Future Supply
- Retail Outlook Summary
Section F: Hospitality Market Analysis
- Room Rates
- Myanmar’s Hotel Market
- A Lost Opportunity
- High-End Supply
- Hospitality Outlook Summary
Executive Summary
With Myanmar approaching two years under military control, the country’s political and economic future remains highly uncertain. While there have been some indications that the economy will see slight growth following a sizeable contraction in 2021, with the reopening of commercial flights and construction activities and manufacturing exports gradually picking up, business confidence and foreign investment remain low. Forex and banking restrictions, power outages, and logistical challenges are but some of the ongoing challenges businesses face, while the military administration’s unpredictable policymaking has sowed further doubt over the country’s trajectory. Opposition to military rule also remains strong and runaway inflation risks fuelling further social discontent.
While conducting research for this report, the analyst found that prices quoted in kyat for apartments and condos have risen significantly since last year, with demand driven by cash buyers looking for a safe means of storing wealth. Nevertheless, prices have not kept pace with the dramatic depreciation of the local currency and have on average fallen in USD terms. On the other hand, high-end and luxury projects, typically priced in USD, have maintained their prices and in some cases increased. Access to the real estate market remains largely limited to wealthy buyers, although several commercial banks have resumed publicly advertising home loans aimed at those working in white-collar professions with stable incomes.
Performance across the office market has varied as providers compete for business in a weakened economy, with high-end office buildings typically enjoying higher occupancy and keeping prices stable, while more affordable spaces and serviced office providers are continuing to struggle.
Following the lifting of COVID-19 restrictions, the retail sector has seen improved tenant occupancy as footfall has increased, while some high-end hotels have also seen modest improvements in business through event and staycation packages and lifted their prices. However, both sectors face major headwinds amid current inflationary pressures and a desire among the public and businesses to curtail spending.
While local construction firms have been gradually resuming activities, investor sentiment remains weak and few new projects have been announced. Large foreign-invested and government-backed projects also generally remain suspended, with economic uncertainty, high construction material prices, and reputational risks among the factors weighing on the sector.
Companies Mentioned
- A1 Construction
- Adventure Myanmar Tours and Incentives
- Apple Tree Asia
- Asia Express
- Asia Myanmar Consortium Development
- Asia World
- Aspidin Construction and Trading
- Aung Kaung Kyaw Group
- Aung Myin Pyae one (AMPS) Construction
- Ayeryar Hinthar Construction
- Beaver Group
- Capital Development (CDSG
- Chan Thar Shwe Myay
- CHIDB
- CITIC Construction
- Creation Myanmar
- Crown Advanced Construction
- Dagon Construction
- Department of Urban and Housing Development
- Eden Construction
- Ever Seiko (Living Square
- Excellent Fortune Development Group
- First Myanmar Investment
- Ga Mone Pwint
- Golden Thitsar
- Golden Yadanar Myaing Construction
- Green Vision
- Hoang Anh Gia Lai (HAGL
- Htoo Construction Development
- Htun Myat Aung
- IGE Land
- iGreen Construction
- Inno International Development
- Jewellery Luck
- Kajima Overseas Asia
- Kanbawza (KBZ) Group
- Keppel Land
- KHG Development
- KMA Construction and Real Estate
- Korea Land and Housing
- KT Group
- Lat War Group
- LP Holdings
- Maha Nawarat Land
- Mandalay Golden Wing Construction
- Marga Global
- Max Myanmar Construction
- Ministry of Construction
- Ministry of Hotels and Tourism
- MKT Construction
- Motherland Construction
- Mottama Holdings
- Myanmar Seilone
- Myanmar V-Pile
- Myat Min
- Naing Group Capital
- National Infrastructure Holdings
- Nay Ga Bar Myanmar Construction
- New Yangon City Development
- Noble Twin Dragons
- NSKRE Myanmar
- Rich Mandalay Group
- Sae Paing Development
- Shan Star New generation & supplies
- Shangri-La Asia
- Shine Construction
- Shwe Gon Development Group
- Shwe Taung Property
- Shwe Than Lwin Construction
- Soilbuild (Myanmar
- Sun Myat Tun
- Surbana International Consultants (Myanmar
- Sustain Construction
- Ta Gaung Bwar
- Taw Win Family
- Tetlann
- Toener International
- Uniteam Investment
- United GP Development
- Wa Minn Properties Development
- Yangon Metropolitan Development (YMD)
- Yoma Strategic Holdings
- Yuzana Group
- Zaykabar
