Wide-room apart­ments pre­ferred in buy­ers’ mar­ket

The Myanmar Times - - Business - TIN YADANAR TUN tinyada­nar­tun@mm­times.com

WITH sup­ply out­weigh­ing de­mand in the cur­rent real es­tate mar­ket, only trans­ac­tions in­volv­ing wider rooms are tak­ing place, real es­tate agents said.

Cur­rently, sup­ply is greater than de­mand in the apart­ment mar­ket. For this rea­son, buy­ers have more op­tions and most of them more pre­fer wider rooms, said U Yan Aung, gen­eral man­ager at lo­cal firm Asia Con­struc­tion.

“The prop­erty mar­ket is dull ow­ing to a lack of de­mand, which cre­ates more op­tions for buy­ers,” he said.

These days, buy­ers are not just con­sid­er­ing room size, they are also bas­ing their pur­chas­ing de­ci­sions on lo­ca­tion, prox­im­ity to ba­sic ameni­ties, avail­abil­ity of in­stall­ment pay­ment schemes and level of in­ter­est rates.

Rather than buy­ing apart­ments for in­vest­ment pur­poses, most buy­ers are look­ing for homes to live in, there­fore they are weigh­ing fac­tors such as room size and tak­ing that into ac­count in their de­ci­sion-mak­ing, said U Yan Aung.

“In the past, peo­ple bought rooms for spec­u­la­tion or rent­ing out. Nowa­days though, land prices have sta­bilised, so most buy­ers in the mar­ket now are look­ing for prop­erty to live in. There­fore, they pre­fer larger-sized rooms, even though the prices are dif­fer­ent,” he said.

In Yangon, the ma­jor­ity of such large-size rooms are lo­cated in South Okkala town­ship. “The land in South Okkala town­ship is wider than other town­ships. For ex­am­ple, land in Thin­gangyun town­ship are only be­tween 25 feet and 50ft whereas land in South Okkala is usu­ally be­tween 40ft and 60ft,” he said.

Prop­erty in Dagon town­ship has also been in de­mand. Ac­cord­ing to U Yan Aung, a large num­ber of 1,000 sq ft apart­ments are now un­der con­struc­tion in North Dagon and they are sell­ing well in the mar­ket, U Yan Aung said.

“There are more wide apart­ments be­ing built in North Dagon where the land price is not as high as in other town­ships. North Dagon is not as crowded as Yankin and South Okkalapa yet. But North Dagon aparments have been at­tract­ing the buy­ers.” he said.

U Myint Thein, who bought a flat in North Dagon and is now liv­ing there, said he fi­nally opted to buy in North Dagon be­cause of the larger rooms. “As we have fam­ily mem­bers who stay at home all day as well as those who go out to work, we bought a more spa­cious apart­ment,” he said.

For him, the con­ve­nience of liv­ing in a down­town apart­ment was less of an ap­peal than that of the larger and cheaper ground-floor flat lo­cated in the out­skirts.

This emerg­ing trend could give rise to many more wide-room apart­ments in the fu­ture. As de­vel­op­ers have to give pri­or­ity to buy­ers, they are of­ten in­clined to build and de­sign new apart­ments based on cur­rent mar­ket de­mand, said U Aung Min, di­rec­tor of Myat Min Con­struc­tion Co.

Pre­vi­ouly, there were less de­vel­op­ers and more buy­ers. Now though, there are more de­vel­op­ers than buy­ers. So, de­vel­op­ers have to change and adapt to fo­cus on what buy­ers want.

“To at­tract buy­ers, fac­tors such as the length and width of the flat as well as in­te­rior de­sign are be­ing taken into ac­count when de­vel­op­ing new apart­ment prop­er­ties. Right now, an or­di­nary apart­ment is just as big and well-fur­nished as those you can find in con­do­mini­ums,” U Aung Min said.

Photo: The Myan­mar Times

Small down­town apart­ments are los­ing their ap­peal as buy­ers favour larger and cheaper flats in the out­skirts.

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.