New construction projects are expected to cool Myanmar’s property market, according to an expert from iMyanmarHouse.com, also saying that current house prices could drop more, depending on government policies for development of low-and-middle-income families.
“Currently, both buyers and sellers are monitoring the cooling market,” he added. “Land price is expected to drop off in the future as the government is now implementing urban development projects.”
U Kyaw Lin, director of Ever Lucky Construction Co, said that the property market is estimated to grow over the next four years as the government has increased local property tax rates in April this year.
Authorities have established housing projects in both Yangon and Mandalay as well as in capital Nay Pyi Taw. After completing the project, low-income civil servants will have a chance to buy an apartment through an installment system.
Room, house, land and apartment prices have skyrocketed as of late 2014.—Zar Zar
Source: The Global New Light Of Myanmar
