Mandalay City continues to be a promising investment destination with big-ticket infrastructure and property projects being set in place according to a recent property market report released by the global consultancy firm, Colliers International Myanmar. As explained by Mr. Karlo Porbre, Managing Director of Colliers International Myanmar, Mandalay’s property market growth will continue to be underpinned by large vacant land plots with modest demand for condominiums and untapped opportunities for modern retail spaces.

As at the end of 2018, Colliers noted that the average selling price of condominium market was at USD1,023 per sq meter and the cumulative take-up rate stood at 74%. According to the report, the total number of hotel rooms increased by 8% yoy in 2018 whereas the total retail stock grew by 9.3% yoy due to the completion of Central Point. “We see more demand for newly planned residential and business districts involving low and mid-rise buildings. The value proposition should be geared towards integrating quality facilities alongside retail components, a concept yet to materialize in Mandalay. Meanwhile, we also urge hoteliers to either adjust the rates or push for differentiation in terms of both services and offerings that are geared towards the rising number of Asian visitors,” said Mr. Hpone Myint Thu, Assistant Research Manager of Colliers International Myanmar.

Meanwhile, the average daily rates of upper scale hotels in 2018 trailed a downward trend varying between USD70 and USD165. “Moving forward, we recommend for investors to consider exploring business on industrial activities, while residential developments must be geared towards competitively priced low-rise apartments or landed residential communities,” said Mr. Hpone.

Click here to download the Mandalay Market Review 2018 and Outlook for 2019

For more information about the report or the Mandalay Property Market phone or email Hpone Myint Thu Assistant Manager - Research, Myanmar Colliers International Myanmar via the contact details below. 

Source: Colliers International Myanmar 

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