The latest property tax assessments for the 2015-16 tax year have revealed that some areas of Mandalay’s myothit (“new town”), are more expensive than prime downtown locations.
Mandalay Region approved the new standard on June 16. While Myanmar does not have a property tax, it does charge tax on transactions, which in Mandalay and Yangon depends on a set list of property values for the cities.
At the high end, 1 acre of land in myothit No 1 ward was valued at K18 to K25 billion on Theikpan Street (US$15.9 to 22 million), one of the city’s most premium roads. Land on 62nd Street was valued at K15 to K21 million.
Meanwhile, on the main roads in downtown, the property values at the high end are from K11 to K14 billion on 73rd Street between 35th and 36th Streets and from K14 to K18 billion on 35th Street between 73rd and 76th Streets.
Mandalay’s myothit is located southeast of downtown. It offers roomier lots and has become a favourite of Mandalay’s well-off, as well as speculators who see the area’s long-term potential.
“Mandalay is moving southeast to find prime areas,” said U Wunna Soe from Phoe La Min real estate agency. “That’s why property sectors of the newtown might become so important.”
Still, sales were relatively quiet last year and have continued to be tepid in 2015, he said.
“It might be because those who are interested in the property sector are waiting to check out the situation after the election is over,” said U Wunna Soe.
Mandalay authorities have also planned to expand the city north of Mandalay Hill, though development has been slow.
Source: Myanmar Times