The rainy season has brought its annual reduction in demand for construction materials. Prices have likewise fallen, but even the hardiest developers have little interest starting to building foundations and putting up buildings in the rain.
American hotel operator Hilton Worldwide has expanded its presence in Myanmar, signing a contract to manage another five hotels following its entry to the country last year.
Land speculators could get their fingers burnt if town planning rules prevent the construction of certain types of building on their property, a government minister has warned. U Soe Maung, Union Minister for the State President’s Office, says that city zoning could help stabilise land prices.
Unlincensed contractors are facing a crackdown as the Yangon Region government is spurring municipal authorities into action.
The developers behind Kyaukphyu Special Economic Zone plan to release the master plan at the end of June, even as a “mud volcano” has forced some of the project to move, according to officials.
Foreigners are expressing a preference for renting detached houses rather than condominiums or apartments, as catering to foreign clients becomes a growing market for Myanmar real estate agents.
Asking K2.3 million a month to rent a fully detached house is a tall order in Yangon’s property market, but that’s what the owners of this 4000 square foot house on a 7225 sq ft compound in Thingangyun township is seeking.