He said sales of properties priced at around K100 million-K300 million to Chinese nationals have risen in the wake of the pandemic as a result of lower interest rates and stronger Chinese yuan versus the dollar.

“The country’s economy has have slowed down, but the property market has bounced back. After the Central Bank cut interest rates, more and more people have started investing their money in property,” said U Tin Maung.

He added that the foreigners are snapping up properties with the help of local proxies.

U Wanna Soe, managing director of Phoe La Min Real Estate Service, said Mandalay has many “modestly priced properties that have potential to grow in value.” Units at Ye Mon Taung Ward and Htan Koe Pin east of Mandalay have the best potential, he said.

“These areas are connected to key areas between 35th Street and Thate Pan Street and Pyin Oo Lwin-Mandalay ring-road.”

Properties located in the area began appreciating after the farmlands located east of the Mandalay-Pyin Oo Lwin ring-road were redeveloped for commercial use. Now, more housing projects, warehouses and even car showrooms are implemented. A golf course developed nearby has also raised the value of real estate in the area. Meanwhile, the population has swelled.

“I would say the fastest developing area is Htan Koe Pin for now. People are now starting to build two-three storey homes there,” said U Wanna Soe.

Source: https://www.mmtimes.com/news/mandalay-property-sales-spike-due-low-rates-strong-currency.html