Hot! Property Prices in Burma’s Capital Now Rival Manhatten

041719_Rangoon_some of rebecca's photos

Property prices for the most expensive office spaces in Rangoon, Burma’s capital city, are now double those of Lower Manhattan and almost a third more than Singapore.

The land shortage causing the property price hike is due to heavy foreign investment in the natural resource-rich country. As Burma continues to push through reforms that encourage investment, a “runaway property property market” has developed.

Rangoon’s Grade A offices are renting at $105.9 per square-foot per year (USD), which is 28% above those in Singapore ($82.4 per square foot) and at nearly double those in Lower Manhattan ($56.75 per square foot), reports The Wall Street Journal.

 

Thailand Land Lawyer

 

Buying land or property in Thailand is attractive for investment or business reasons as well as residence or retirement purposes.

Office rents in the city rose by 150% last year, and property consultants see those numbers rising as many buildings haven’t even begun construction yet. New projects are often pre-leased at present rates, “a sign that future prices and demand are locked in.”

Inflated property prices are one of many consequences, along with land ownership disputes and poor-record keeping, that have followed Burma’s accelerated lifting on sanctions.

Read the full article here.

 

Related features: Burma’s New Foreign Investment Law

Related articles: Burma’s 88 Generation Students Aiding in Legal Disputes

Burma Town Under Curfew

Burma Constitution Reform “Far Way Off”

Related blog posts: Burma’s Democracy Increasingly Questioned

 

Flickr photo courtesy of some of rebecca’s photos

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