REAL estate agencies in Mandalay were doing brisk business in early September after prices in the industrial area of Myothit rose, sparking investor interest, according to real estate agents.

During August, the price of lake plots in Myothit took a sudden upturn and investors began speculating on rising prices. Real estate entrepreneurs say the price increase was due to good road transportation, the area’s departmental buildings and the opening of public places.

At Manarhari Myothit, the whole of the east-west Manaarhari road as well as the wards north-south roads are being repaired, with works already completed up to 55th Street. The expectation is that the remaining roads will also soon be repaired and retarred, so prices in the area began to rise.

The most in demand are the Za Za plots, north of Manawhari Road, where prices are above K20 million. Pha Pha plots – situated on the southern side – now sell for about K13 million but could previously be bought for as little as K10 million.

Plots on 46th, 47th and 48th streets are the most sought after, with a 40 by 60-foot plot on 48th street fetching anywhere from K60-80 million.

Prices rise further on in-demand Manaarhari Road, from 62nd to 64th streets, where the same size block can fetch from K200 million to K300 million.

Real estate entrepreneurs predict that prices will continue to remain high in the area because of the prominent location and good public transport links.

Prices in Ye Mon Taung and Htankopin Myothits have risen from about K20 million in early August to K30-40 million. Real estate sources said the high prices had prompted investors to sell up and instead put their money in the nearby Pha Pha and Za Za blocks, partly driving the high turnover in the market.

The market price of an acre of land in Kankank ward is now approximately K1 billion, with buyers appreciating the areas proximity to downtown. Smaller blocks rose from K100 million to K250 million in the space of only two weeks.

Real estate agents said the price increase had now deterred most buying and selling in the area.

In Myothit and downtown areas, land plot prices are high but with a good turnover of properties in both areas.

One foot of frontage is now fetching K15-20 million and the most expensive properties can be found on the main roads of Mandalay from 80th to 84th street, 73rd to 78th street and 26th street stretching to 35th street.

As the Thadingyut season is approaching, moving homes and shops is expected to increase. The commercial and apartment rental market in the downtown area is traditionally strong at Thadingyut, real estate sources said.