Myanmar real estate market has room to grow
THE Myanmar real estate market could develop from exponential foreign investment during the term of the next government, says managing director of iMyanmarHouse.com, U Nay Min Thu.
It is predicted that confidence in the National League for Democracy (NLD) led government by both local and foreign business entrepreneurs could create an increase in the amount of investment coming into the country, resulting in growth of the real estate sector.
“Foreign investment will flood Myanmar when the next government takes office. The real estate market will develop as a result. There will be more buying and selling. It will also improve the rental market too.” commented U Nay Min Thu.
Currently, there is more demand for apartment rentals than the buying or selling of property, but the renting market is also facing a cold spell. The current value of monthly rental fees for apartments in the lively downtown Yangon townships of Kyauktada , Pabedan, Lanmadaw and Latha range from 300,000 to 1 million kyats dependent upon the size of the apartment and the floor it is located on, while apartments in townships slightly outside of the downtown grid, such as Kyimyindaing and Ahlone, go for considerably less, between 150,000-250,000 kyats, according to local real estate agents.
“Foreign investment has come into Myanmar. It’s mainly been prioritised in the creation of employment opportunities in the form of labour intensive manufacturing, while a great deal of investment has gone into agricultural enterprises as [Myanmar] is predominantly an agrarian country.” said Dr. Malar Myo Nyunt, director of the Directorate of Investment and Company Administration (DICA).—Myitmakha News Agency