Saturday, February 2, 2013

Economic zones causing real estate boom in Rangoon

Saturday, 02 February 2013 11:15 Khin Myo Thwe

Real estate agents have said that many areas of Rangoon’s real estate market significantly boomed during the month of January due to the progress on several economic zones.

Prices of apartments and properties are rising all over Rangoon. (Photo: Hein Htet / Mizzima)

“The Thilawa properties have become popular since an announcement was made calling for employees at the project which could be started before April,” a real estate agent told Mizzima.

Elsewhere, estate agents said that following the announcement of the Yangon Hotel Zone, land near Dagon port and East Dagon has been selling for prices well above the previous market range.

“Properties of 40x60 feet on Bago River in the Dagon Port Township cost between 5.5 million kyat (US $6,500) and 70 million kyat ($82,000) in mid-August of last year, but now these estates have increased to hundreds of millions of kyat,” Thant Zin Oo, a Dagon estate agent, told Mizzima.

Another experienced real estate agent said, “It’s is not only high-end locations, but also the market demand for heritage sites has increased.”
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