A sharp decline in Yangon property transactions at the beginning of April does not mean the market has succumbed completely to the effects of COVID-19, Colliers International says.

A Yangon-based realtor told The Myanmar Times this week that many of the properties for sale in the city are struggling to find buyers, while only ten per cent of properties had been leased out.

But Colliers Senior Research Analyst Paul Ryan Cuevas said while buyers, renters, and developers have become more vigilant amid the volatile conditions, investment activity had not entirely ground to a halt.

"Some transactions have progressed despite the difficulties of doing business, and agents continue to report interest for some select property assets," he said.

Colliers Senior Research Analyst for Myanmar, Paul Ryan Cuevas. Source: Colliers

"As the COVID-19 crisis bites, investors and lenders will likely continue to moderate their appetite for Yangon real estate assets.

"Our sentiment indicator is showing that deals are being reviewed, or are stalling as investors reassess the situation, but those committed to the sector are still transacting and showing interest.

Most lenders are still 'open for business', but are reluctant to make new commitments, citing the still unknown impact on residential and commercial values, which will almost certainly curb investment activity in Q2." 

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