Thursday, August 17, 2017

Emporium spurs NPT rent boom

The upcoming Myanmar Gems Emporium has spurred strong interest in Nay Pyi Taw’s property market, one agent said last week.

They say many gem traders who plan to take part in the November 17 to 29 event are looking for places to hole up for months at a time. “There is strong demand right now for rental properties because gem traders are seeking places where they can stay for at least a couple of months. We’ve heard that all the hotel rooms have been booked, so traders need to go elsewhere,” Ko Kyaw Swar Myint from Shwe Latt Pan real estate agency in Pyinmana told The Myanmar Times.

“Rental prices are ranging from K100,000 to K150,000 a month, which is extremely high,” he said.

“Traders have to consider the safe-keeping of their gems and also require large areas to park their vehicles, and price is not usually a huge concern. Most of the people we’re dealing with are looking for compounds covering at least 4800 square feet.

“But we don’t have enough places to meet demand, which is something we’ll take into account next time there’s an exhibition. Although Pobbathiri and Oattaya Thiri townships far from the exhibition, exhibitors are willing to rent there, although they prefer Thapyaygone and Paung Laung wards, which are closest to Mani Yadanar Jade Hall, where the emporium will be held,” he added.

Translated by Yamon Phoo Thit