Yangon authorities set official property prices

Myanmar information search service

Yangon’s Regional Authority has set the official property prices per square feet in accordance to different townships.

Real estate companies said there was little trading in Yangon’s property market as brokers adjusted to the new deal.Some say the official prices set for some strategic locations in the city are lower than existing prices.

“Currently the market is slowing down. Property is not like consumer foods which can decay easily. And they’re not like motor cars which sell low when new models come out. So most property owners and buyers made few deals. Only those who need money put their properties on sale,” said Hein Moe Myint Lwin from the Estate Myanmar brokerage firm.

There has been a chronic shortage of real estate space, fuelling a boom in property prices as more foreign companies begin to open up shop in Myanmar.

Market analysts also raised concerns, questioning if the authorities aim to control the property market to reduce prices or to obtain taxes on the property sales for the government.

Currently, a property buyer needs to pay 37 percent of the property price in tax.

“The move is good. For example, when you buy a property worth 10 million Kyats, you will need to spend 13.7 million Kyats for the property. It’s also good for the public. You can be an officially registered owner of a property when you pay taxes for it. Problems resulting from unofficial sales can also be reduced,” said Moe Moe Aung from Myanmar Real Estate Brokerage Firms Association.

Other regions and states in Myanmar will soon follow the example of Yangon, said Dr Maung Maung Thein, the deputy finance minister.

To see the official property price list used by the Myanmar Inland Revenue department for assessing property tax see article to Yangon Land Price List

Source: ELEVEN Media

To learn about:

  1. Condominium Market in Yangon 2014 click here
  2. Hotel Market in Yangon 2014 click here
  3. Office Market in Yangon 2014 click here
  4. Service Apartment Market in Yangon 2014 click here
  5. Retail Market in Yangon 2014 click here
  6. Service Office Business in Yangon 2014 click here
NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Dagon City", “MOGE”, “yangon stock exchange”,"MECTEL", "hydropower", etc.

To learn about the business opportunities in Myanmar click here

To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page "Actual Sample of Client Report”. Click here to go to page.

Do you know that IE Singapore is giving up to SGD 20,000 support for Singapore company to venture into Myanmar? To learn more click here