Myanmar’s wealthy pick up London property

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london-property-3Rich Burmese are increasingly venturing into the London property market, with millions of dollars flowing out of the country into real estate in the British capital, Irrawaddy newspaper reported.

According to real estate consultancy Knight Frank, Myanmar buyers account for 1 per cent of properties beyond the £2 million range, which is about the number of buyers from Switzerland and Hong Kong.

Realising the potential, British property adviser LondonDom in August is opening an office in Yangon, targeting budgets between £500,000 and £2.5 million. London property agent Savills has also announced plans to open an office in Myanmar.

The interests of Myanmar buyers are explained through their “cultural links” with the former colonial power, and many wealthy Burmese are sending their children to UK schools and universities. The biggest property demand is for family houses outside of central London.

Knight Frankin its latest “Wealth Report” claims that Myanmar had 39 high net-worth individuals in 2012 and forecasts that this number will grow to over 300 people within 10 years. However, the sources of wealth are not specified and critics say that most of the wealthy in Myanmar are government cronies who made their money in shady businesses and normally are denied doing business in the US.

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Reading Time: 1 minute

Rich Burmese are increasingly venturing into the London property market, with millions of dollars flowing out of the country into real estate in the British capital, Irrawaddy newspaper reported.

Reading Time: 1 minute

london-property-3Rich Burmese are increasingly venturing into the London property market, with millions of dollars flowing out of the country into real estate in the British capital, Irrawaddy newspaper reported.

According to real estate consultancy Knight Frank, Myanmar buyers account for 1 per cent of properties beyond the £2 million range, which is about the number of buyers from Switzerland and Hong Kong.

Realising the potential, British property adviser LondonDom in August is opening an office in Yangon, targeting budgets between £500,000 and £2.5 million. London property agent Savills has also announced plans to open an office in Myanmar.

The interests of Myanmar buyers are explained through their “cultural links” with the former colonial power, and many wealthy Burmese are sending their children to UK schools and universities. The biggest property demand is for family houses outside of central London.

Knight Frankin its latest “Wealth Report” claims that Myanmar had 39 high net-worth individuals in 2012 and forecasts that this number will grow to over 300 people within 10 years. However, the sources of wealth are not specified and critics say that most of the wealthy in Myanmar are government cronies who made their money in shady businesses and normally are denied doing business in the US.

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