Prospects emerge in the Mandalay property market

Some real estate agents see interesting opportunities for property investors in the Mandalay real estate market in the coming year.

“We believe 2021 has good prospects for real estate because more people will move to Mandalay compared to 2020,” said U Tin Maung, chair of the Myanmar Real Property Development

In 2020, property sales in downtown Mandalay rose as more decided to move out to the suburbs as a result of COVID-19 and the subsequent decline in business, U Tin Maung said.

“Consequently, property prices in the downtown areas dropped,” he said. As such, it could be time for investors to start looking for potential bargains in that area in anticipation of better business prospects next year.

Meanwhile, U Tin Maung said there were more transactions in suburban areas, where people were able to buy land at a low price this year.

“If the price of a 40×60 sqft plot of land in the suburbs is K1 billion on 80th Street in downtown Mandalay, it would only cost around half in Ye Mon Taung in the suburbs,” he said.

Despite the higher demand, land and property prices have held steady in the suburbs. “Compared to 2018, prices in the suburban areas are stable. Although the business was not booming like in the past, we still see around 60 percent of the transactions in 2018 taking place today,” he said.

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Source : Myanmar Times

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