The ailing condominium market has developed considerably off the back of changing demand trends over the last few years.

With buyers looking beyond location and price, they're now taking amenities, size, and resale value into account when purchasing a condo, leading some industry experts to believe these trends could help facilitate the growth in the condo market.

As of Q2 2018, the cumulative take-up rate witnessed a 2 per cent quarter on quarter decline despite the lack of new launches.

Before 2010, properties were categorised as condominiums if they were between 2,000 sqm and 2,500 sqm in size and had a minimum of three bedrooms.

Since then, demand has changed and new condo developments are equipped with additional sports and recreational facilities as well as security.

More recently, condos are being included as part of mixed development projects.

Colliers International Myanmar says that while developers continue to be wary, buyers are becoming more mindful with their purchasing process in view of recent market developments.

"Consequently, the market has similarly failed to recognise the potential demand springing from the low to mid-market segments as there remains a large stock of upper-mid to luxury projects - representing close to 85 per cent of all the pre-selling condominiums in Yangon," Colliers says.

Future launches under these segments may only exert further downward pressure on the overall sales take-up.

Colliers expects project launches to be limited at least in the succeeding quarters of the year, and this may facilitate a market recovery from the considerable remaining stock.

The introduction of more low to mid-tier projects is forecasted to facilitate growth in sales going forward as these developments translate to a relatively more affordable unit price.

View new condominium developments in Myanmar here.

Source: Colliers International Myanmar, The Myanmar Times.

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