Landplot prices in downtown Yangon double in two years

13:51, July 20, 2010      

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Landplot prices in the downtown area of Yangon, Myanmar's former capital city, have now risen two times that in the last two years, the local Myanmar Newsweek reported Tuesday.

The land prices went up to 800,000 Kyats (808 U.S. dollars) per square-foot from 500,000 Kyats (505 dollars) correspondingly, real estate investors were quoted as saying.

It was prescribed over the last few years that without need to declare one's income source, Myanmar citizen was allowed to buy landplot with the owner's name legally changed to the buyer on payment of 15-percent tax.

The period of the permission is said to expire soon and it is uncertain that if the land-trading-related policy will be extended or not, investors doubt.

Deliberating over the probable sudden change of the policy, real estate investors are offering excessively high prices to buy the landplots in such good-location areas as Windarmere, Golden Valley, Kandawgyi Park surroundings, Po Sein Road and Pyay Road as well as those in downtown areas.

According to real estate business circle, a rich investor purchased a landplot of 8,000 square-feet (743 square-meters) on the famous Inya Road at a price of 6 billion Kyats (about 6 million dollars) last year, more than the then prevailing market price.

The Central Statistical Organization's figures show that foreign investment in Myanmar's real estate sector stood over 1 billion dollars in 19 projects as of last year.



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