Chinese nationals, as well as other foreign investors, have been using local proxies to snap up properties
Even though the COVID-19 pandemic has deeply affected Myanmar real estate, Myanmar Times reported that the demand for property in Mandalay has been slowly growing.
U Tin Maung, the chair of the Myanmar Real Property Development Association, said that in the midst of the pandemic, Chinese nationals have been snapping up properties across the city, with most of these valued at about MMK100 million (USD73,310) to MMK300 million.
He attributed the increase to the low-interest rates, as well as the robust position of Chinese yuan as opposed to the dollar.
“The country’s economy may have slowed down, but the property market has bounced back. After the Central Bank cut interest rates, more and more people have started investing their money in property,” explained U Tin Maung.
He added that foreign investors have had the help of local proxies to purchase properties.
Industry experts believe that the city has great potential to grow because most of the properties here are modestly priced, particularly in the Htan Koe Pin and Ye Mon Taung Ward areas.
These locations are connected between key areas like the Pyin Oo Lwin ring-road, where properties started appreciating as farmlands were converted for commercial use. To date, several housing projects, car showrooms and warehouses call this area their home.
Real estate value has also increased because of the golf course that is being developed. Eventually, more residents began to move to this area and the population spiked. For now, they consider Htan Koe Pin as the fastest developing area as people here started to build two- to three-storey houses.
Taking advantage of this lucrative opportunity in the heart of the country’s former royal capital is the Best Condo Development and Best Mixed Use Development at the 5th PropertyGuru Myanmar Property Awards 2019: Mingalar Mandalay by New Starlight Construction.
If you know of any development projects in Myanmar that deserve to be named as the best in their categories, nominate them for the 6th PropertyGuru Myanmar Property Awards, in partnership with Shwe Property on or before 21 August 2020. For more details, visit asiapropertyawards.com/en/award/myanmar-property-awards
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