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August 05, 2020

Real estate speculation inflates prices, suppresses market demand

Laborers work at a construction site for a building. Photo: Phoe Khwar

REAL estate professionals said that property rates are artificially high because of widespread speculation and price manipulation, according to a report in yesterday’s edition of the Myawady Daily.
“We do not see many those investors with an aim to reap profit upon resale in the market,” said U Than Oo, the vice president of the Myanmar Real Estate Services Association. “Investors have turned to other sectors. The downtown market is likely to remain on the rise. Price manipulation will cease if the market keeps going with the actual buyers and tenants” instead of speculators.
Government authorities warned some real estate dealers that their property will be subject to confiscation if they purchase and hold land in commercial zones with no intention of developing those properties within a reasonable period, real estate agent U Chit told Myawady Daily.

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