Real estate prices in Yangon are climbing to new heights, hitting prices of up to K700,000 per square feet at Pyay road, realtors say.
“The real estate market has not yet reached a stable condition,” said U Win Naing, a real estate agent from Motherhouse Real Estate Agency. “Per square foot price can be as high as K400,000, depending on the size of the plot, in Shwe Taung Kyar street” he added.
As the Yangon real estate market keeps spiraling, the construction costs are rising, leading the construction companies to demanding a greater share in the real estate profits. In the past these were shared at a rate of about 50-50, while recently the companies are asking for 5-10 percent more.
Yangon has also been seeing an increasing number of foreign investors interested in buying condos, which is pushing the prices even more. Since they are not allowed to own land in Myanmar, they need to look for domestic land owners willing to rent their plot to them, which is getting increasingly difficult as well.
The property market in Yangon has been bullish since 2011, mostly because of rising foreign investments following the recent political and economic reforms undertaken by the quasi-civilian government.
Source: Myanmar Business Today