Nay Pyi Taw real estate market seeing growth

As more and more people are moving to Myanmar’s capital Nay Pyi Taw, demand in the real estate market has been growing year by year, says Zayar Real Estate Agency’s managing director U Nanda Kyaw.

“As new companies and offices move, there are more and more people who want to buy property to set up businesses or live in. The city is becoming more crowded than before. There are some people who buy land in advance because they are afraid of not having chance later on, even though they don’t plan to live there at the present,” U Nanda Kyaw said.

He says people approaching his company are buying for residential use and others for business purposes. Those buying for business purposes are looking for sites located along main roads while those seeking residential property are looking at locations with existing communities and good transportation links.

“Townships in the inner city like Tha Pya Kone and Shwe Kyar Pin are seeing the highest demand, followed by Ottarathiri and Pobbathiri,” said U Nanda Kyaw.

After a reduction in the taxes for property, the number of property transactions have increased. Sales of one-storey houses costing between K30 and 50million have been brisk.

Before the reduction, people were reluctant to pay the taxes on property purchases in expensive locations, but lately they are willing to pay and more interested in buying lands in expensive locations.

Even old wooden houses in somewhat populated areas with a good locations are transacting with prices ranging from K10 million to K20 million, said U Nanda Kyaw.

“Properties with good location and medium price range are being purchased more. The price doesn’t increase but in on a normal trend,” he said.

Some people are purchasing the plots in town areas with prices starting from K40 million, say Nay Pyi Taw real estate insiders.

As Nay Pyi Taw is not yet a commercial hub like Yangon and Mandalay, the rents and purchase prices are still relatively stable, said U Nanda Kyaw.

“People selling the land they bought earlier, adding some more money and buy better sites while other people move in from other parts of the country. The newcomers then also look for land or property. There aren’t many people purchasing for purely investment purposes,” he said.

Having said that, there are still flipping of property in Nay Pyi Taw where people purchase land with few occupants and resell at higher prices. However as the real estate market is largely cool in the country, few transactions for such sites are seen, said MKK Real Estate Agency Managing Director U Min Min.

“Some people buy land first and then build houses two or three years after, but most people are interested in ready-made houses. In Nay Pyi Taw, a plot of about 10,000 square feet can be bought at about K1 billion,” said U Min Min.

In the rental market, homes with the prices between K400,000 and K600,000 are seeing good demand in Thabyaygone. Homes with a starting price of K350,000 in Shwe Kyar Pin Ward are in even higher demand, said U Min Min.

The price of land in popular downtown townships and hotel zones rose K10 million to K20 million from last year, he added.

Nay Pyi Taw’s property market is likely to become stronger over the next two or three years, due to new businesses, private schools, universities and embassies being set up, said U Nanda Kyaw.

Source: Myanmar Times

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