Site icon Global New Light Of Myanmar

Real estate in Mandalay goes cold, buyers eyeing political situation

Real estate market in Mandalay has come to a halt.
Real estate market in Mandalay has come to a halt.

THE trading of real estate in Mandalay has come to a halt of late as potential financial investors are holding off from purchasing real estate for want of monitoring the changing political climate.
“The land market has been cold ever since the elections. It’s because of [political] changes. Buyers are closely watching [the political sphere] as to how it will play out.” said U Htun Htun Naing, owner of Kabar Myay Aung real estate brokerage firm.
It is speculated that potential real estate buyers are closely monitoring the political situation of the country as it is likely there will be changes to taxation, real estate and land policies.
“At the moment there is activity in the rental market but few actual sales of real estate being seen. As such, we expect a stable political landscape would be good for our business.” expressed Ko Myo Nyunt, a realtor from the downtown Mandalay township of Aung Mya Thazi.
In Mandalay especially, the majority of buyers and investors in the real estate market are Chinese, while real estate market experts have stated the market could potentially see a variety of changes dependent upon the political changes made by the next government this year.
There is little demand for the purchasing of vacant plots of land within Mandalay at the present time, with an increasing interest of those wishing to purchase real estate in satellite towns located on the outskirts of the city, with real estate firms receiving many inquiries from potential investors about land and property opportunities in such locations.

Exit mobile version