Rangoon (Mizzima) – The newly formed Myanmar Real Estate Service Association has a goal of organizing real estate agents around the country and making the industry more professional. The group was officially formed on June 28.
It’s goal is have about 160 agencies from around the country it its professional association. It now has about 160 members in Rangoon and 720 members in Mandalay. The association will train members and issue certified membership cards.
“We will organize a conference within 18 months and then form an executive committee,” said Than Oo, the vice chairman of the association.
Before 1984, there were no large-scale real estate agencies in Burma. Starting in 2006, real estate agencies began to register in Burma.
In the mid-1980s, a few small agencis were formed including Thamadi, Akarit U Soe Aung and Kyi Soe I.C agencies.
Khin Maung Than, the chairman of the association, said, the association will provide real estate agency employees and individual agents with training on all aspects of the real estate profession.
He said an important goal is to increase the number of Rangoon-based members.
Khin Maung Than said, “We will provide training in townships. We will train members on legal affairs, sales techniques and management.”
He said seven committees would be formed including a research committee and problem-solving committee.
In February, Mizzima reported that real estate prices continue to rise in selected Rangoon suburbs with speculators snapping up property in anticipation of international civic and business groups moving into Burma.
“Land prices have tripled or even quadrupled over the past six months,” said Tin Moe, a freelance business journalist who has lived in East Dagon for the past eight years. The locals are selling up and moving somewhere farther out of the city, where prices are still quite low.”
Prices have also risen in Dawei, Kyaukpyu and Sittwe, the sites of major industrial expansion.
In East Dagon, 2,400 square-foot plots along a major access road that’s being upgraded have reportedly sold for as much as 130 million (about US$ 162,000) in recent weeks.
When Tin Moe moved into the area, he said it was freshly reclaimed paddy fields with an irregular electricity supply and only “a handful of residents…it was very quiet.”
In December, Mizzima reported land prices on the outskirts of Rangoon and in some municipal areas have increased many times over, in anticipation of new economic zones.
Rumors that Rangoon will be extended also account for the price rise in Dagon Myothit (South, North, East) affecting an area inside the municipality, and also rises in areas around Thanlyin, Kyauktan and Dala townships.
A real estate agent said, “Earlier the highest price for a 40-foot x 60-foot plot in East Dagon Myothit was around million kyat (about US$ 1,265), but now some people have offered five or six million kyat to buy the plots. Some of the land is still in bad condition.”
On November 28, Myanmar Investment Commission chairman Soe Thein said in a press conference in Naypyitaw that Japan, South Korea and China have proposed that the government set up the Thilawa Special Economic Zone.
The 5,000-acre zone would be located between Thanlyin and Kyauktan, east of Dala, said reports.