Real Estate - Myanmar | Statista Market Forecast

The Real Estate market market in Myanmar is expected to reach a value of US$760.30bn in 2024.
Among the different segments, Residential Real Estate dominates the market with a projected market volume of US$687.80bn in the same year.
Looking ahead, the market is anticipated to grow at an annual growth rate of 5.12% (CAGR 2024-2029), resulting in a market volume of US$975.80bn by 2029.
It is worth noting that in global comparison, United States is expected to generate the highest value in the Real Estate market sector, reaching US$132.0tn in 2024.
Myanmar's real estate market is experiencing a surge in foreign investment due to the country's economic reforms and increasing political stability.

Definition:

The real estate market refers to the transaction of properties, including residential properties (such as houses and apartments) and commercial properties, such as office buildings and industrial properties. Apart from property sales, this market includes leases and the value of real estate.

Structure:

The real estate market comprises residential and commercial real estate. The residential real estate market covers real estate transactions and leases, and residential real estate leases are divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and real estate renters as well.

Residential real estate (houses and apartments)
Commercial real estate (office buildings, retail spaces, warehouses, industrial properties)

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

The Real Estate market in Myanmar has seen significant growth and development in recent years.

Customer preferences: Customers in Myanmar are increasingly looking to invest in real estate as a means of wealth creation and asset diversification. With limited investment options available in the country, many individuals see real estate as a safe and lucrative investment opportunity. Additionally, there is a growing demand for residential properties, driven by population growth and urbanization.

Trends in the market: One of the key trends in the real estate market in Myanmar is the rise of condominium developments. As the urban population continues to grow, there is a need for affordable and convenient housing options. Condominiums provide an attractive solution, offering modern amenities and convenient locations. Developers have recognized this demand and are focusing on building more condominium projects in major cities. Another trend in the market is the increasing interest from foreign investors. Myanmar has opened up to foreign investment in recent years, leading to an influx of foreign capital into the real estate sector. This has resulted in the development of high-end residential and commercial projects, catering to the needs and preferences of international investors.

Local special circumstances: Myanmar is undergoing a period of rapid economic development and political transition. The government has implemented various reforms to attract foreign investment and promote economic growth. This has created a favorable environment for real estate development, with new infrastructure projects and business opportunities driving demand for commercial and residential properties.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the real estate market in Myanmar. The country's GDP has been steadily increasing, leading to rising incomes and a growing middle class. This has created a demand for better quality housing and commercial spaces. Additionally, Myanmar's population is young and rapidly urbanizing. As more people move to cities in search of employment and better living conditions, the demand for housing and commercial spaces has increased. This trend is expected to continue in the coming years, further driving the growth of the real estate market. Furthermore, the government has implemented policies to promote foreign investment and ease restrictions on property ownership by foreigners. This has attracted foreign investors and developers, who see the potential for high returns in the Myanmar real estate market. In conclusion, the real estate market in Myanmar is experiencing significant growth and development, driven by customer preferences for investment opportunities and residential properties. The rise of condominium developments and the increasing interest from foreign investors are key trends in the market. The country's economic development, urbanization, and favorable government policies are the local special circumstances that are fueling the growth of the real estate market.

Data coverage:

Figures are based on value of residential and commercial real estate, average real estate value, residential estate transactions and leases.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data from international organizations and industry associations. Next we use relevant key market indicators and data from country-specific associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Real Estate - Myanmar

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