Yangon’s property market, where have rental was more ac­tive than sales, is now cold at the beginning of Lent, according to the agents.

As Buddhists, Myanmar people avoid moving houses as much as possible during Lent, the market is now slow.

“Since the Lent period has arrived, the real estate market has been inactive. Before the Lent, rents and sales from oth­er cities coming to Yangon were plenty. I have to showrooms almost every day. Some house­owners also had to show theirs. Now, the purchase is sparse. As for rent, there were some, but sparse. Those who have rented don’t move out during the Lent. Some will move only after the Lent. So, they extended the rent,” said a real estate agent.

Only when the Thadingyut comes will people move home, and the Yangon property market will be active again.

In Yangon, cheap apartments are now rare and expensive ones are easy to rent out, said an agent from Kyimyindine township.

“Compared to the previous year, the real estate price and the rental price are a little higher this year. Previously, apartments with cheap rates were plenty, but now their prices have gone up. Cheap rental units are now rare. There are more and more expensive rental units,” he said.

In the real estate rental mar­ket in Yangon, there are more six-month contracts and deposit rentals, according to the real es­tate market. — MT/ZN