Pyin Oo Lwin Land PricePhyyin Oo Lwin Land price
Real estate in Pyin Oo Lwin is running low
Pyin Oo Lwin's inner city real estate markets have come to an effective standstill, with shoppers who are not willing to fulfill the rising asking price, estate agents said in the Collonial Times Barrage last weekend. After three years of unparalleled growth, the downturn that began at the end of 2011 doubled or tripled the price of many homes in both the townships' cities and countryside.
"We have a so-called "call price market" where customers are scarce. Because of the high price, it is hard for those who really want to move to Pyin Oo Lwin," says Daw Khin Than of Kaung Hein Sat Immobilienagentur. It gave the example of a 6,000 square meter plot on the Mandalay-Lashio Highway in the center of Pyin Oo Lwin, which was purchased for K800 million (US$920,000) in early 2009, but the proprietor now wanted K1.8-2 billion.
A further 11,400 square metres of real estate was divested at the end of 2011 for 1.3 billion K, a substantial premium on the 350 million K that were bought about 10 years ago. Meanwhile, the price of real estate in less sought-after areas near the city centre, such as small side roads, has changed ownership for around K 300 million to K 400 million. Mr. Daw Khin Than, who has been working as an asset in Pyin Oo Lwin for about 30 years, said there had been no discernible effect from the government's August 12 finalizing a real estate buyer relief because of the high tariff.
"The price is still high and the bazaar is still chilly.... there are no purchasers. "It' s hard to predict what will come up with the markets in the near term, but I think the owner will call even higher rates.... real estate in the city centre will almost certainly continue to rise because Pyin Oo Lwin is a place to remain and relax," she said.
Formerly known as Maymyo and on the outskirts of the Shan Plain in the Mandalay region, Pyin Oo Lwin is known for its cold weather and many prosperous Mandalay inhabitants have a second home in the city. There are several resources from the housing sector saying that the housing market was booming when a large local authority appeared in the city.
"Like Mandalay, Pyin Oo Lwin has Chineses. They can see most Chinamen in the Thu Mingala station and near the Pyin Oo Lwin market," said Daw Khin Than. However, while there are few deals in the city, the focus has moved to the nearby countryside, where rates have soared.
Land costs are low, so some are purchased at around K1 to 2 million and resold for around 5 million," said estate agent Daw Kyi Kyi Tun, who has been working in the area for about 15 years. The long-serving inhabitant of Pyin Oo Lwin, U Swe Myint, who resides on Nandar Street near Kandawgyi Gardens, said the high price on the highway was "reasonable" because land in these areas could be used as a place to stay or do business.
In 1965 he relocated to the area when he purchased 0.6 mornings for K60,000. The country in this area now amounts to up to CZK 1 billion.