Many people in Mandalay have been more interested in buying real estate in PyinOoLwin, which has cold and fair weather, according to the real estate agents.
PyinOoLwin, which attracts attention as a resort, is a beautiful city with natural scenes and fair weather. Owing to its less severe heat, it has attracted interest from many people in Mandalay to invest in the property market.
“People are buying property in PyinOoLwin. Many people from Mandalay have moved up to PyinOoLwin. They run their businesses in Mandalay and buy property in PyinOoLwin. Many of them are like this. Property sales in PyinOoLwin rarely stop because the weather is good and there is a lot of interest. After half an hour or an hour’s drive from Mandalay, the weather turns cold, so many people buy property in PyinOoLwin as a second home. They usually operate their businesses in Mandalay. And they come to PyinOoLwin on Sabbath days or weekends to meditate or take a rest. Some visit here with their friends,” Ma Htar Htar Ei, a real estate agent in PyinOoLwin, told The Global New Light of Myanmar (GNLM).
Property in areas close to the city, including Anisakhan, Aungchantha Ward, and Wards 9, 10 and 11, are being sold better. The market was very active from 2021 to 2023, but it became quiet from the end of 2023 to early 2024, and starting from March, the market became good again.
“PyinOoLwin property market was better in 2021, 2022 and 2023. The market was still in late 2023 and early 2024. Since March, the market has been active again. It has been four months. We are selling land plots and those with houses. Some Myanmar people living abroad are buying here with a plan for the future. One of the reasons for the increase in sales is that it was hotter in Mandalay in March and April,” she explained.
Property sales will be low in the coming rainy season, and if a plot is used for a hotel, it may be available at a cheaper price, according to the market.
“Normally, sales are better in the fine weather season. Sales are lower in the rainy season. If it is for hotel construction, land plots are available at reduced prices. People prefer larger plots in PyinOoLwin. If a plot is small, 40 feet by 60 feet, rich people are reluctant to buy. Those who cannot afford much buy small plots,” she said. — Thit Taw/ZN/ED
