Yangon property booms but rental market plunges

After Yangon’s housing market crashed due to COVID-19 impacts, it raised its head again this year as Myanmar keeps the pandemic under control. The real estate rental market is, however, falling, the experienced realtors said. The real estate sales go up a bit at present. Housing price does not appreciate as expected. The property is sold at a low price. The rental market crashes as the businesses still cannot resume for now, said U Maung Maung, a realtor.

Despite the COVID-19 containment measures under control, the real estate rental market is dropping. The rent plunges, and house owners let the tenants stay more months.To remedy the economic fallouts, some generous property owners pay back half of the rent for long-term tenants. That is a kind of mutual trust between owners and tenants, and humanitarian action in difficult times. Although the real estate market in Yangon has recovered, we still cannot set which particular township has good real estate sales. At present, it depends on the demand of the buyers.

Some buyers prefer rural sites, and some buy large farmland acres and roadside property. The real estate in Yangon downtown (six townships) slightly drops. The real estate market is not set like dollar and oil prices. We cannot confirm the market price of the properties in 45 townships of the Yangon Region. The reason why the real estate market booms again is that people like to invest in property rather than banking. The real estate market crashed in 2020, and it recovers this year. Nevertheless, the pricing is not that high amid the economic collapse triggered by the COVID-19.

Source: The Global New Light of Myanmar


National Payment System Governing Committee discusses to practice digital payment system

National Payment System Governing Committee held its first coordination meeting in Nay Pyi Taw yesterday. During the meeting, Committee Chairman and CBM governor U Than Nyein said that it should implement the visions and missions of the National Payment System Strategy (2020-2025). It also needs to establish a secure national payment system that can effectively contribute to its financial stability and economic growth.

He also discussed matters pertaining to the use of electronic payment system for national payment, duties of government to supervise in implementing a digital payment system to reduce cash usage, modern payment and electronic payment systems, enactment of the law to protect service providers and customers, and plans to draft a law supervisory framework meeting the international criteria.

Then, Daw Than Than Swe, Deputy-Governor of CBM, presented CBM-Net System, tax payment on CBM-Net System, other tax payments via Digital payment platform of Mobile Financial Service Providers like Wave Money, OK Dollar, MPT, Ooredoo and MyTel and MMQR system. The attendees to the meeting also discussed the mobile payment systems of local banks, criteria and procedures for payments, digital payment system, cooperation works between government and private sectors for tax relief, digital sales for retail and wholesale, Cheque Truncation System, safe and secure payments and illegal payment system to be added in the payment system of the country. 

Source: The Global New Light of Myanmar


Licensed overseas recruitment agencies allowed to send employees abroad

The licenced overseas recruitment agencies are allowed to send employees abroad under the Overseas Employment Law (1999), according to the Ministry of Labour, Immigration and Population. Regarding granting licence to the overseas recruitment agencies, most employees choose to depart mainly to Thailand, Malaysia, Korea, Japan, Singapore, the United Arab Emirates, Qatar, Macao and Jordan. So far, Myanmar has sent 1,320,914 employees to foreign countries from 1990 to May 2021.

The Ministry of Labour, Immigration and Population has been increasing business licence deposit fees for the overseas employment agencies from K5 million to K25 million starting from 4 February 2020. It raised deposit fees to reduce the number of overseas employment agencies, make them interested in their businesses, and work effectively. It would also ensure more prominent agencies are more responsible and accountable. According to the Ministry, among the overseas recruitment agencies, there are 295 overseas employment agencies in Myanmar that pay increased deposit fees of K 25 million.

Those who wish to apply for the new overseas employment agency license need to come and apply for the permit at the department of labour relations (head office) in Nay Pyi Taw. The application must be signed in person by the managing director of the agency companies. The managing directors need to bring the necessary documents such as company profile, national ID, census and recommendation of the police station and ward. Those, who will apply for agency licences, must show proof of personal assets worth K100 million, an updated bank account with at least K100 million from the last six months and demand letters. 

Source: The Global New Light of Myanmar