Home loans on the rise during the COVID-19 period

“Home loans are still very popular this year, although the number of properties sold on the market has declined,” he said.

Prices have come down and in some cases buyers are bidding almost 50% of the asking price. As interest rates have been reduced, home loans have become an attractive option for those looking to enter the market, said U Nay Min Thu, managing director of iMyanmarHouse.com.

“People are mainly interested in housing projects in townships outside of Yangon and projects in other regions and states. In Yangon, people are interested in apartments that are priced below K50 million, ”he said.

The market has been affected by the restrictions related to COVID-19, which means that the overall sales volume has declined significantly in the second half of 2020, said U Tin Maung, president of the Myanmar Real Estate Development Association.

Online sales and marketing resumed during the second lockdown as it is nearly impossible for agents, buyers and sellers to meet in person, said U Kaung Thu Win, director of Shweperoperty.com.

“With around 90% of buyers looking for property online, businesses need to provide accurate and reliable information,” he said.

Additionally, buyers tend to ask more questions via online messaging and via emails and real estate agents need to change their marketing strategies to secure this new generation of buyers, he said. – Translated

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