"Currently the real estate prices are
very high in the country. It may be a hindrance for foreign investments
coming to the country. We have said often that the real estate prices in
Yangon are higher than those of New York (the US). So the government is
working now on policies to handle that issue," said Aung Naing Oo, head
of the Directorate of Investment and Company Administration.
Condominium rentals are also on the rise along with the real estate, according to sources from local brokerage firms.
"Monthly rent for a normal condo flat is
around 1 million kyats (around 1,030 US$). There are also condo rooms
for the equivalent of US$2000 to 5000 a month. If a room is a little
old, the monthly rent may be between 0.6 million and 0.8 million kyats
(around 618 and 824 US$). The rents went up within a year," said a
Yangon broker.
During this monsoon, the prices didn't
go down even though the real estate market has been inactive for a
while. Yangon's townships such as Yankin, Thingangyun, Thuwunna, South
Okkalapa, New Dagon and Shwe Paukkan are still the most popular
neighbourhoods.
"There are buyers for real estate in
those townships. The prices range between 20 million and 50 million
kyats (around 2,060 and 5,154 US$) for a property 40 × 60 ft wide
there," said a local broker.
source: Eleven Myanmar
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