Property prices in Yangon and Mandalay reached record highs last year, but the prices have fallen due to lower demand recently. The attention of property investors may be on other cities than Yangon and Mandalay in coming years, said realtors.
“Surely other cities where the prices are cheap will get more attention compared with Yangon in the coming years,” said Balaji Ramaswami, managing director of House.com.mm.
The property prices in Mandalay have fallen since election and the deals are still slow, said a real estate agent from Mandalay.
“Most investors in Mandalay are from China. They have temporarily stopped investing in Mandalay property,” he told Myanmar Business Today.
Investors and businesses will be looking for property from Naypyitaw, Bago, Dala, Dawei and Magway which also have potential for economic development.
“Buyers from Yangon and Mandalay come to Naypyitaw and buy land. The land price is not rising here in Naypyitaw because the anti-money laundering team checks every property deal which is worth over K100 million,” U Nanda Kyaw, executive member of Myanmar Real Estate Services Association in Naypyitaw, told Myanmar Business Today.
There are over 50,000 plots of land in Naypyitaw and only one fourth of lands are in the hands of property brokers.