Wednesday, March 01, 2017
The price of land in Mandalay’s outskirts has dropped by up to 40 percent,
with the city’s industrial zones being the most affected, according to the
Mandalay Region Real Estate Agent Development Association.
The downturn in investment in Mandalay’s real estate market is a result of the government’s crackdown on jade mining, the association said.
The NLD government has cracked down on jade mines deemed to be unsafe and environmentally damaging in the wake of recent landslides which killed hundreds of workers in Kachin State. Mandalay is one of the country’s jade centres with its raw gem markets a magnet for potential overseas buyers.
”The plot prices werearound K80 million before but now the price has decreased by half to K40 million,” said U Khin Maung Lwin, Member of Mandalay Region Real Estate Agent Development Association.
“But sales in wards Da, Dha, Na and Ye Mon Taung have been going well,” she added.
Mandalay real estate stakeholders have called on the government to stabilize prices and steer the market away from price manipulation.
“We want the market to stabilize and perform normally with accurate pricing,” Ko Maung Maung Shwe, a Mandalay Region real estate agent, said.
Attracting foreign investors could present one option to rekindle demand in the market but Mandalay’s tough restrictions on foreign investors owning land in its industrial zones pose an obstacle.
Real estate agents have predicted that the market will be buoyed over the next few years with completion of a number of ongoing commercial housing developments.
Source: Myanmar Business Today
The downturn in investment in Mandalay’s real estate market is a result of the government’s crackdown on jade mining, the association said.
The NLD government has cracked down on jade mines deemed to be unsafe and environmentally damaging in the wake of recent landslides which killed hundreds of workers in Kachin State. Mandalay is one of the country’s jade centres with its raw gem markets a magnet for potential overseas buyers.
”The plot prices werearound K80 million before but now the price has decreased by half to K40 million,” said U Khin Maung Lwin, Member of Mandalay Region Real Estate Agent Development Association.
“But sales in wards Da, Dha, Na and Ye Mon Taung have been going well,” she added.
Mandalay real estate stakeholders have called on the government to stabilize prices and steer the market away from price manipulation.
“We want the market to stabilize and perform normally with accurate pricing,” Ko Maung Maung Shwe, a Mandalay Region real estate agent, said.
Attracting foreign investors could present one option to rekindle demand in the market but Mandalay’s tough restrictions on foreign investors owning land in its industrial zones pose an obstacle.
Real estate agents have predicted that the market will be buoyed over the next few years with completion of a number of ongoing commercial housing developments.
Source: Myanmar Business Today
