Authors - Chann Nyein Soe, SOKOUT Hamidullah Abstract - Developing countries determine the housing market based on how far from the city center. However, in Myanmar, submarkets are stronger than the Central Business District (CBD). The differences in the data analysis become results of the collected housing data for 45 days in Yangon, Mandalay, and Pyin Oo Lwin. Price per square foot is the basic unit to compare different properties. The manually collected dataset consists of 710 total listings, in which apartment in Yangon, landed houses, and vacant land in all three cities taken into consideration. Descriptive diagnostic methods, hedonic regressions, and segmentation were used. The result indicates that Myanmar housing prices are not determined by a smooth general rule, but rather distinct submarkets and different pricing behaviors exist. Townships are strongly substantial, whereas apartments show the strongest evidence of segmentation. Although CBD is statistically meaningful, the effect differs across property types. Meanwhile, housing markets exhibit significant differences for each property type. On the other hand, apartments are naturally based on the utility area and are more stable. Housing markets, price estimation models, and property valuation in Myanmar need to change from a city-level single average model to individual property and each township model, relying on median instead of means, because of the outliers in elite properties. Despite the scarcity of estate data in Myanmar, the research supports the Myanmar housing market insights for developing data analysis.
