CNI News
2 August 2022
The property sales in Myanmar was brisk and the prices in Yangon, Nay Pyi Taw and Mandalay rose by 30 to 50 percent.
Property demand was growing in cities like Yangon, Nay Pyi Taw and Mandalay and real estate prices increased, a senior real estate agent told the CNI.
He said, “ Property prices have risen in hot spots, where many people are moving to. Property prices in such places have risen by at least 30 to 50 percent. Prices of property worth MMK 10 million previously have increased to MMK 15 million at present.”
Buyers in Yangon Region preferred land plots to apartments and condominiums, according to property agents.
Most buyers in Yangon purchased land plots not for reselling but for investment, according to CEO Ko Zeya of Thhiri Yadana Real Estate and General Services.
Scenes in Yangon.
Ko Zeyar told the CNI, “Low-end land plots in South Dagaon, Dagon Seikkan, North Dagon and East Dagon are in demand. Many buyers invested in land. The number of people who buy land for investment is increasing.”
He added that the demand for land plots was higher than that for apartments in the Myanmar real estate market because of the gaps in US$ exchange rates.
He told the CNI, “Buyers purchased apartments but they could not gain profits when their real profits were calculated in US$. Most apartment buyers faced the problem. So, they stopped investing in apartments.”
Property prices in Myanmar were the consequences of rising US$ exchange rates, depreciation of MMK and inflation and the property market was likely to follow the same trend until March next year, according to real estate agents.
People in Myanmar invested in land due to rising US$ exchange rates and difficulty in withdrawing deposits at banks.
