Because condominiums are sold with official stamps and registration, the government gets exact data and tax revenues.

And while Colliers International Myanmar says the sale of condominiums could boost the economy, "the current laws and restrictions of this property segment do not give room for developers to build reasonably-priced condominiums."

"Therefore, the high real estate prices deter foreign and local investors to enact on any purchases as most buyers are waiting for the market improvements," says Colliers.

Colliers suggests that the sale of condo apartments aren't the only remedy for the local economy. 

"Interested parties should also position towards looking further into other real estate sectors such as buying or selling commercial spaces and industrial land."

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

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.

Related reading: Buyers may have upper hand in condominium market 

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, Eleven Myanmar

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