September 20, 2017

Yangon commercial spaces gain attention of foreign investors

The prices of rooms, houses, land and apartments have risen with booming of property market. Photo: Mon Oo Nadi
The prices of rooms, houses, land and apartments have risen with booming of property market. Photo: Mon Oo Nadi

FOREIGN investors have shown more interest in commercial spaces in downtown Yangon after the election period in November, said U Aung Ko Ko, manager of House.com.mm, an online marketplace for property listings in Myanmar.
The number of people who visited the property website to rent commercial spaces has increased by 20 percent in the few months since the election, he added.
Foreign investors base their decisions about property rentals on location, rental fees and internet access; many investors operate IT businesses in the country. Trading companies have also been seeking commercial spaces near downtown and government offices.
Mr Balaji Ramaswami of House.com.mm said investors’ interest in the country’s real estate market and the high demand for commercial property offer encouragement to local builders and skilled workers to speed up their work.
International businesses tend to prefer ready-made office apartments.
The Myanmar property market has boomed over the last several years. Since then, the prices of rooms, houses, land and apartments have skyrocketed. However, since the late 2014, the market has been declining due to shrinking demand. The market remained cool in 2015.—Mon Oo Nadi

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