The authorities should collect real estate taxes according to the estates’ respective locations in Yangon, realtors say.
Yangon’s real estate agents said real estate tax rate in the suburbs of Yangon should be different from those in downtown.
“Real estate market has been on the rise and at the end of 2013 the business remains brisk. Urban real estate markets or real estates in downtown Yangon sell more than those in the suburbs. So, the purchase tax in the outskirts should be less than the downtown estates,” said U Aung Moe, director of a Yangon-based real estate agency.
In October, the authorities put a cap on land prices in Yangon to rein in on the overheated property market.
“This year, we have seen many changes regarding laws and regulations. But still the market is soaring. In this situation, real estate purchasers in Yangon city should pay tax differently from purchasers in the outskirt of Yangon,” said Daw Yu Maw, another real estate agent from Yangon.
“The tax should be collected based on the location of the estates. Then people will think about buying lands after carefully considering the tax rate,” she added.