After the severe Mandalay earthquake, the Nay Pyi Taw real estate market has presently become more active in the rental market than in the buyer’s market, and land plots are being traded more than apartments, Nay Pyi Taw real estate agents told One News.
Presently, there has been an increase in the number of people renting houses because of that their houses have been destroyed by the earthquake, that they cannot repair or rebuild their houses and that the number of their family members is too big to live in temporary housing.
The earthquake has caused buyers to be more interested in land plots than high-rise apartments, and land plots may be traded more, said U Min Min, managing director of MKK Real Estate Company near Thabyaygon Market in Nay Pyi Taw.
Although there is more interest in land plots than in high-rise apartments in the market, prices have not increased significantly but rental rates have risen, U Hla Myo, chairman of the Nay Pyi Taw Real Estate Services Association, said.
U Hla Myo also said that while people experience housing difficulties due to the earthquake, they are trying to manage rental rates as much as possible so that it does not become a burden on the people. In areas such as Pobbathiri Township and areas of Thabyaygon, Thayagon and Shwekyabin in the Nay Pyi Taw Union Territory, real estate transactions of sales, buys and rents are busy currently.
The Mandalay earthquake that struck Myanmar on March 28 killed thousands of people, injured many and damaged religious buildings, state-owned buildings, roads and bridges, and people’s homes.
