Feb 7, 2012

Real estate value increasing in Yangon

Prices continue to rise in selected Yangon suburbs with speculators snapping up property in anticipation of international civic and business groups moving into Myanmar.

“Land prices have tripled or even quadrupled over the past six months,” Tin Moe, a freelance business journalist who has lived in East Dagon for the past eight years, told The Diplomat website. The locals are selling up and moving somewhere farther out of the city, where prices are still quite low.”

Prices have also risen in Dawei, Kyaukpyu and Sittwe, the sites of major industrial expansion.

In East Dagon, 2,400 square-foot plots along a major access road that’s being upgraded have reportedly sold for as much as 130 million (about US$ 162,000) in recent weeks. When he moved into the area, Tin Moe said it was freshly reclaimed paddy fields with an irregular electricity supply and only “a handful of residents…it was very quiet.”

Source: Mizzima