Real estate is booming in Myanmar, which leaves many investors and potential homeowners wondering if they should buy now, or wait until later. In many parts of Myanmar it can be surprising at how expensive property has increased over the past couple of years. For instance, property in Yangon is some of the most expensive in the country.
Real estate continues to be one of the best options for investors. Many people are hesitant to put their cash into banks, and there’s no stock exchange like there is in other parts of the world. This leaves real estate as being one of the best investments for your capital. Buying property also has the additional benefit of providing a home for your family.
Real estate prices in Myanmar have been predicted to increase over the new few years. No matter what your reasons are for your investment—personal or financial—now is the best time to buy a house or condo. It’s unlikely that prices will go down anytime soon.
Yes, you’ll be paying for a house at the maximum price that the market can bear, but this real estate bubble isn’t going to burst any time soon.
One common strategy for many families is to purchase two properties in Myanmar. One is to reside in, while the other is rented out. You’ll gain the income from the rental, then when you’re ready to sell, your house or apartment will most likely be worth much more than you originally purchased it for.
Real estate is also considered a safe investment in Myanmar and is highly coveted for those who have the money to buy it. In the more highly desired regions of Mynamar, Yangon for instance, real estate is sold at a much higher price. But working with a good real estate agent will help to narrow down homes to your price range, plus, you’ll gain the benefits of their excellent negotiating skills. Don’t assume a house is out of your price range until you talk to an agent.
Many of the older colonial buildings in Yangon have had their exteriors preserved, but their interiors full renovated and updated. While these are highly desirable, they are extremely difficult to find by yourself. It’s reassuring to know that foreigners aren’t allowed to own property in Myanmar, though they can lease it with special permits.
Unlike many other countries, properties are bought for cash, rather than the heavy reliance on mortgages or loans. Many real estate sellers in fact prefer in dealing with cash, as the real estate title transfer happens more quickly.
Real estate is becoming scarce in Myanmar, but there is always someone who is ready to list their property. Don’t let it discourage you from buying a house. Your goal should first include hiring a good real estate agent, who will search for listings on the best listing site, such as MRX.com.com. You can work together to make your homeowner dreams come true!
Freelance Writer : Mel Dawn