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Real estate transactions low for value-added apartments in Yangon

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Apartments in Sangyaung Township, Yangon.

It is known that there are fewer transactions due to the fact that the prices of apartments in Yangon are higher than before, according to buyers.
Real Estate Agent Daw Wai Lwin told the GNLM that the 625 square-feet wide topmost floors of the apartments (7th and 8th floors) were sold for around K35 million per room in early 2022. Apartment owners from townships with easy transportation raised their price for apartments to K39 million after mid-2022. However, the buyers did not buy at that price due to the additional costs such as the preparation costs for old buildings. No deals are made for apartments since buyers are not in a hurry, said an apartment broker.
U Moe, a real estate agent, told GNLM that while the prices of gold and cars are rising this year, the prices of apartments are also rising.
Prices of apartments are rising this year, just as the prices of gold and motorcars, U Moe, a real estate agent said. These days, information about the value and rents of real estates in Yangon has been revealed on social networks. It is known that if the transaction was made, the seller have to pay two per cent to the agent and the landlord separately.
Although movable assets such as gold and cars are sold the most in the current period, immovable real estate is less in sales. Apartment rentals are only rented as dormitories in most cases. Some two-storey buildings and ground-floored apartments can be seen closed for years in the downtown streets, because they have not been rented yet. It is reported that some of the two-storey buildings on the roadside have reduced the rent this year.
Broker Daw Hla Tint told the GNLM that although some apartments have been interested for purchasing, the transaction was not able to be made because the apartment owners tend to raise the value of the apartment. — TWA/CT

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