Thursday, 22 May 2014

Rents in Yuzana Garden rising due to speculators

Apartment rental fees in Yuzana Garden City are on the rise due to property speculation by agents and brokers, residents say.

Rental prices soared by half of the original price within just two or three months, because of two main factors. One is Yangon City Development Committee’s ongoing implementation of the water distribution program, and the other is widely believed to be speculators – brokers and agents looking to make quick money.

“What’s happening is that rent prices are very high in the city, and people want to move in here [Yuzana Garden City located in Dagon Seikkan Township] instead,” said a resident named Thida.

“Anyhow, agents and brokers are playing the market. And even though people know speculators are involved, they still keep coming because the rent is cheaper than elsewhere.”

“This is the first time I have ever seen the rents are going up,” said Maung Aye, an agent in the area.

“Before, people complained that the place had not only only water problems, but also transportation was an issue. Lately people are moving in because of the water distribution program. It seems most apartments are occupied now,” he said.

The water distribution program has been fully implemented and will be available this year, officials said.

source: Eleven Myanmar
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