The areas surrounding Mandalay Skywalk shopping mall have increased in popularity with real estate buyers.

RESIDENTS of Mandalay say they want private houses with spacious compounds instead of the apartments preferred by most in Yangon.

“Mandalay residents don’t even like third-floor apartments and they really are not that popular yet. But lots of people choose to live – and more would like to live – in the compounds that can be seen all over Mandalay,” says U Saing Aung Phyo from Win Htun Real Estate.

And although the desire to own and live in these compound houses has not changed, the most popular area has shifted since 2003.

“Before 2003, the trendiest plots in Mandalay were between 26th Street and 35th Street, and from 80th to 84th Street.

“Now the most popular areas have changed because Yadanabon market has moved. Now people want to live between 77th Street and 84th Street and from 46th Street to 35th Street,” says Daw May Thu Aung from Patauk Maing Real Estate.

While the most sought-after areas may have changed in the last few years, the market has also slowed down since June this year.

“At the moment the property market has stagnated since June after a recent government announcement that instances of sales tax evasion are going to be dealt with strictly,” says U Saing Aung Phyo.

While the real estate market has been generally slow since June, sales of houses in the K30 to K100 million price range have been brisk.

The Myanmar Times investigates some of the popular areas in Mandalay.

Yadanabon Market
The market is located near the Mandalay Railway Station and since 2000, when it shifted from it’s previous location, property values in the suburbs around it have shot up. Helping to increase land values around Yatanabon Market and make it the most popular place to live are the ICT Park and Mandalay’s first shopping mall, Skywalk. The Chan Aye Thar Zan property estate includes three-, four- and five-storey houses, which are eagerly sought by buyers. U Saing Aung Phyo says that while there are some houses for sale in the area for K300 million, most people prefer to rent.

Yae Mon Taung
Most real estate agents say the Yae Mon Taung area – which is between 35th Street and Science Road – has enjoyed a period of high demand in recent years and is popular with high-end buyers, with some for sale for K550 million.

Bogyoke Ywa
Located to the north of Science Road, the Bogyoke Ywa area was once on the outskirts of Mandalay, even though it is only now 10 minutes drive from downtown. Many of the houses in the area are two-storeys tall and large. Buyers and renters alike also enjoy access to the 24-hour electricity supply. Property prices hover around K100 million and buyers have plenty to choose from.

Aung Taw Mu
This area takes it’s name from the picturesque Aung Taw My pagoda. U Saing Aung Phyo says the area is popular with people keen to settle down and enjoy the tranquillity and quiet surrounds that the area is renowned for. House values between K100 and K200 million are common.

Ma Naw Hari Street 62nd Street
This area has enjoyed high demand in the last decade. It is home to the universities and teaching centres for nursing, dentistry and orthopaedics. Ma Naw Hari Street also has plenty of shops. Both sales and leases are steady in this area.