The move by officials in Yangon to set official property prices could be seen as the government wanting to benefit from the current high prices by raising valuations, rather than moving to lower prices.
Industry watchers are divided on the impact of the new rules which will see official prices per sq ft set in different townships. Some agents reported little activity as brokers adjusted to the new rules, however others formed different opinions.
Tony Picon, Managing Director for Colliers International Myanmar, told DDproperty.com: “I’m not sure about the market slowing; there’s still plenty of local-to-local transactions happening.”
Rising property prices in Myanmar have been fuelled by a lack of suitable space as foreign companies explore their options in the country.
Local media reported that a buyer currently must pay 37 percent of the price of the property in tax.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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