IT has been reported there has been an increased number of foreign investment directly as the result of the newly revised condominium law. As the new condominium law allows foreigners to purchase condo units, it is made business in Myanmar more convenient for international investors as home and office rental rates rooms have increased.
“Foreigners, rather than renting detached properties in Yangon, are renting more apartments and condominiums which are offer less cheaper rental price,” said U Aung Soe, managing director of Htet Aung Shine real estate.
The property rental market in Yangon’s downtown township of Kyauktada, Latha, Pazunduang, Lanmadaw, Pabedan and Botahtaung has seen increased business, with rental prices dependant upon location.
“Most foreigners rent condos for around 2000 USD which includes school, hospital and security services. “The new condominium law can attract more foreign investment” said Ma Chan Mya Thu, managing director of real estate enterprise YPF Agent. According to those involved in Myanmar’s real estate market, businesses from other Asian countries such as Korea, Malaysia, Indonesia, Japan and China have invested in the countries real estate market.