For many years, large areas of land in Yangon have been handed over to well-connected companies for development, with little or no public information about the terms of the deals, and no space for smaller businesses to compete, said an industry body.
Some veteran estate agents in Mandalay said they would rather see a steady market, when the new government takes office next year, than surging prices.
Eight foreign companies from five countries are bidding to develop a 2-acre plot of land in Yangon owned by the Myanmar Construction Entrepreneurs Association, according to chair U Tha Htay.
Shwe Taung Group of Companies yesterday launched a mixed-use project worth US$300 million in the centre of Yangon, demonstrating that the local conglomerate has shaken off its controversial past to emerge as a viable partner in the eyes of many international investors.
Yangon City Development Committee spending on e-government projects across the four financial years from 2012 to 2016 will total K2.35 billion, said U Aung Win Myat, an IT consultant for YCDC.
Real estate is likely to bounce back in 2016 after more than a year of depressed sales, while prices will fall as new supply comes online, said investors and agents.