A significant number of apartments, condos and serviced apartments are expected to become available in Myanmar as many foreigners are recalled or decide to return to their home nations due to COVID-19, Slade Property Services says.

The agency has released a brief on the potential impact of the pandemic on the country's property market, noting that while it is too soon to know how effected the sector will be, the uncertainty surrounding visas, stay permits and the legality of leases signed by foreigners has further encouraged foreigners to vacate their residential property and return to home countries.

According to Slade Property Services, the exodus of management-level individuals to domestic nations may mean that serviced apartments are particularly vulnerable to losing tenants.

At a glance:

• Slade Property Services has released a brief on the potential impact of COVID-19 on Myanmar's property market.
• SPS believes a number of apartments, condos and serviced apartments are expected to become available in Myanmar as many foreigners are recalled or decide to return to their home nations.
• SPS also notes that a number of developers have suspended construction of new residential buildings whilst the duration of the COVID-19 impact is unclear.

"A number of developers in Myanmar are still organising in-house sale events and completing transactions on properties," it said.

"However, it is also the understanding of SPS that a number of developers have suspended construction of new residential buildings whilst the duration of the COVID-19 impact is unclear.  

"The Central Bank has reduced interest rates which could encourage some individuals to invest in real estate assets, however, it is likely that most tenants and investors will suspend moving and investing until COVID-19 is controlled and there is a return to relative normality.

"Social distancing will make it increasingly difficult to carry out viewings further reducing the likelihood that residential
transactions will take place in the short-term."

Click here to access the brief

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