Little Joy Soldiers
Property Report|August - September 2021
Real estate sales offices are reopening in Yangon, but banking problems, low confidence and oversupply mean a bleak outlook as the army seeks to entrench rule
Steve Finch
Little Joy Soldiers

When Myanmar began registering an uptick in Covid-19 cases a year ago, real estate agents and developers in Yangon began virtual sales events on Facebook and Zoom to sell homes and apartments.

Following a decade of democratic and economic reforms, internet usage had soared from just 0.3% of the population becoming commonplace everywhere. With faster internet speeds expediating these online events, it looked as though the residential sector had a solid lifeline to cling to.

In the weeks following February’s coup, the military routinely cut internet access across the whole country to stem organized dissent. But economic activity had all but ground to a halt in Yangon anyway. Most shops were shuttered for weeks amid street protests and a violent military crackdown. Strikes spread across different sectors and cities, and construction sites lay dormant as realtors ceased sales.

“If you look around the city, normal life is returning. Many shops have reopened,” says Karlo Pobre, managing director of Colliers International Myanmar in Yangon. “But many sales galleries remain closed.”

Following the military takeover, Myanmar’s economic problems have multiplied with major knock-on effects for real estate. The World Bank and Asian Development Bank forecast a 10% retraction in economic activity in Myanmar for 2021, the direst projections on record for the country and by far the worst in East Asia for this year.

This story is from the August - September 2021 edition of Property Report.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the August - September 2021 edition of Property Report.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM PROPERTY REPORTView All
Singapore Starts To Swings
Property Report

Singapore Starts To Swings

Generous stimulus has saved the Lion City’s economy from disaster, and a percolating post-pandemic boom looks set to send the residential sector into overdrive

time-read
8 mins  |
August - September 2021
Natural Highs
Property Report

Natural Highs

With people seeking safe ways of re-engaging with the outside world, the pandemic has steered investment in key ski markets back on-piste

time-read
5 mins  |
August - September 2021
It's In Hua Hin
Property Report

It's In Hua Hin

A long-time favorite of Thai royalty and weekenders travelling from Bangkok, the famous beach town is adding some alluring new strings to its bow

time-read
3 mins  |
August - September 2021
Blues In The Blood
Property Report

Blues In The Blood

As China’s cities explode, its built heritage is often neglected. Hangzhou-based Bluetown Architects aims to redress that balance through its striking but functional work

time-read
6 mins  |
August - September 2021
Little Joy Soldiers
Property Report

Little Joy Soldiers

Real estate sales offices are reopening in Yangon, but banking problems, low confidence and oversupply mean a bleak outlook as the army seeks to entrench rule

time-read
4 mins  |
August - September 2021
Youth Movement
Property Report

Youth Movement

Young members of a storied family shift property development in Cebu forward with a smart, green commercial tower, rising tall above an heirloom estate

time-read
7 mins  |
August - September 2021
Gift From Above
Property Report

Gift From Above

Source Global is tapping into a renewable source— the sky—to supply drinking water to residential communities and commercial properties in Asia

time-read
6 mins  |
August - September 2021
Proptech Is Enhancing Efficiency And Human Experience
Property Report

Proptech Is Enhancing Efficiency And Human Experience

The pandemic has forced the real estate industry into a more meaningful embrace with technology after years of flirting with innovation

time-read
8 mins  |
August - September 2021
Legacy Of Handy, Individualistic Inventions
Property Report

Legacy Of Handy, Individualistic Inventions

The global crisis has caused unprecedented pain, but its extraordinary nature has seen it spawn a legacy of handy, individualistic inventions

time-read
1 min  |
August - September 2021
Wave Of Mutilation
Property Report

Wave Of Mutilation

Lockdown disruption, evolving working conditions and an exodus by offshore gaming operators have sent the vital office space sector in the Philippines into freefall

time-read
7 mins  |
August - September 2021