‘Slow Boat to Myanmar’

In January this year, Karlo Pobre, Head of Colliers International’s Research and Advisory team in Myanmar came up with 10 predictions on the Myanmar property market for 2017. At the end of July 2017, Asian Property Review interviews Karlo (KP) and Tony Picon (TP), Colliers Vice Chairman (Myanmar) on how many of those predictions have come true. — photography by Jan Yong (Except interviewees’)

Karlo’s 10 Predictions (summarised) :

1. Flight to better quality serviced apartments

“With better quality serviced apartments completing, tenants will start to move away from poorly maintained and older buildings. Stronger demand is anticipated for new limited or mid-tier serviced apartments as opposed to the upper-scale.”

2. Insurance companies to help fuel demand for office space

“The eventual opening of the insurance industry, along with the further liberalisation of the financial sector will drive occupancy levels upward in 2017.”

3. More focus on business and budget hotels

“With majority of the future projects geared toward the upper-scale segment, developers are likely to refocus their plans by tapping into the business and budget travellers’ needs.”

4. Continual woes for residential condominiums

“A lacklustre performance in the condominium sector will continue to persist given the sheer volume of remaining inventory. Signs of recovery may surface in the mid and uppermid segments but will remain inadequate to help buoy the overall sales take-up. Land prices will remain generally high making potential projects unprofitable. This is on top of the high cost derived from an onerous car parking requirement.”

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