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.