Invest in Myanmar - For Investors Seeking Opportunities in Myanmar
Follow:
Invest Myanmar - The Myanmar Investment Gateway
NEWS BY TOPIC
General Information about Myanmar (1)
Business (131)
FDI in Myanmar (45)
Investments (59)
Macroeconomic Data (4)
Infrastructure (4)
Financial (17)
Economy (37)
Construction (1)
Politics (29)
Real Estate (1)
Investment Legislation (3)
Sports (1)
NEWS BY SECTOR
Telecommunications (27)
Law (14)
Infrastructure (20)
Education (2)
Banking (19)
Jewellery (1)
Stock Market (2)
Agriculture (35)
Real Estate (22)
Mining and Exploration (10)
Construction (29)
Energy (47)
Textile and Fashion (10)
Tourism (23)
Information Technology (11)
Food and Beverage (13)
Electronics (3)
Waste Management (1)
Automotive (9)
Logistics (4)
Renewable Energy (0)

Land prices skyrocket due to Hanthawaddy Airport Project

LAND PRICES SKYROCKET DUE TO HANTHAWADDY AIRPORT PROJECT
Date: 26/08/2013
Source: Mizzima
Land prices skyrocket due to Hanthawaddy Airport Project

Land near the Hanthawaddy International Airport Project are selling like hot cakes in spite of skyrocketing prices after the announcement of the construction project contract award to a Korean construction consortium.

According to real estate dealers even in Yangon land deals were struck at lower prices but in Bago, near the Hanthawady Airport Project, land deals are made at a much higher price.

The current land prices near the Hanthawaddy International Airport project are over MMK100 million per acre. In comparison, they were sold at about MMK10 million until last year. The dealers said that even plots in the radius of one mile of the Airport Project can fetch more than MMK30 million per acre.

However, the real estate prices in Bago city area are reportedly stable and are priced between MMK200 to 300 million for 40’x60’ plots.

Pyi Hein from Estate Myanmar Real Estate told Mizzima, “The land are sold at higher prices. Some of them are even higher than the negotiated price between sellers and buyers. A lot of land deals are made right now and therefore, the prices are much more than the normal sales rate.”

The dealers added that most of the buyers of these lands were from Yangon.

A land dealer from Bago said that recently 90 acres of lands within one mile radius of the Airport Project was sold through his dealership. Similarly, other dealers also had deals on land in this area and earned hefty commissions.

General Manager Yan Aung of Sai Khun Naung Real Estate said, “Many people are interested in these land deals and have inquired about the land prices. Previously the prices of these land were only one to ten million, now it has risen to hundred million.”

The dealers predict that land prices would continue being high until construction of the airport commences.

Incheon International Airport Consortium was awarded the contract for the construction of this Hanthawaddy International Airport Project.




Topic: Business
Did You Know?
Bargaining is an art long practiced in Asian countries including Myanmar . So feel free to ask for a proper discount when shopping in places where prices are not marked. Be careful in dealing with sidewalk vendors who... ... More

Featured news story
Real Estate Price Blues
Real Estate Price Blues

Featured Video
Myanmar Focus Daily:Explore Border Trade with China Thailand India and Bangladesh - Invest Myanmar.biz video
Myanmar Focus Daily:Explore Border Trade with China Thailand India and Bangladesh

COUNTRY SNAPSHOT
GDP 2010 USD 45.4 B
GDP 2012 USD 54.0 B
Inflation 9.13 %
Unemployment Approx. 35%
GDP growth 2011 5.5 %
FDI 2011 USD 1.05 B
Today on Invest Myanmar
Member Companies: 82
News Stories: 341
Myanmar Videos: 59
Interesting Facts: 29
Factsheets: 9
 © Copyrighted 2012 Invest Myanmar.biz. All rights reserved.  

 
Please read Conditions of Use, Copyright Statement and Privacy Policy for this web page and web site.



Crafted by Sofia Web Works®, makers of Pahraat Kasinot and Casinobonus på alla svenska online casinon an Invest Bulgaria company