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August 23, 2019

Realty market picks up ahead of Buddhist Rains Retreat

An aerial view of Yangon City with high-rise buildings. Photo : Phoe Khwar

The property market in Yangon is heating up ahead of the three-month Buddhist Rains Retreat which starts in mid-July. An increasing number of apartments were either sold or rented in the months of May and June, and the trend is expected to continue.
While the Yangon property market was slightly active in the first week of June, it has picked up the pace of late, with foreign companies renting apartments, according to iMyanmarHouse.com.
Foreign companies are renting apartments as well as houses, mostly in Yankin, Mayangon, and Bahan townships. They have been found to prefer fully furnished apartments and condominiums with better facilities. In addition, they are also looking to rent land.
Both high-priced, as well as affordable apartments in Kyauktada, Botahtaung, Pabedan, and Latha Townships are favoured by foreigners. While most are renting apartments for their families, there are some who are opening dormitories in the apartments.
Some apartments and houses on Pansodan and Bo Aung Kyaw streets in Kyauktada Township are not easy to find at short notice, according to a broker.
The property market in Dala Township is still cool even though the Dala bridge is being constructed to connect Yangon Myothit in Dala with Yangon City.—GNLM
(Translated by Hay Mar)

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