Property prices in Myanmar spiraling

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Myanmar_YangonWant to invest into a land plot in downtown Yangon? For a standard size of around 1,000 square meters be ready to shell out $8 million, it won’t be cheaper.

Real estate prices in Myanmar’s business capital have skyrocketed over the past month, with prices for one square meter reaching around $8,000, which is almost three times the price for a similar plot of land at prime locations in Thailand or Malaysia.

Prices took off after the government has permitted three-year leases to owners, and they are acquiring land in the central business district to build high-grade condominium space as the influx of foreign investors and an urgent need for offices has left few available spaces, according to the Myanmar Real Estate Brokers’ Association Information Department.

And there are no signs of relief. Prices of land will continue to rise for the next few years, real estate agents say. In industrial zones near Yangon like Hlaing Thar Yar, for example, an acre of land currently sells for $530,000 – 12 times higher than a similar plot in Orlando, Florida.

Office rents have tripled between 2011 and 2012 to $65 a square meter and are expected to double again to $150 a square meter by 2015.

And for expats in Yangon, rents for serviced or furnished apartments have reached absurd heights, with advertisements offering fully furnished penthouses in the city for $15,000 a month.

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Reading Time: 1 minute

Want to invest into a land plot in downtown Yangon? For a standard size of around 1,000 square meters be ready to shell out $8 million, it won’t be cheaper.

Reading Time: 1 minute

Myanmar_YangonWant to invest into a land plot in downtown Yangon? For a standard size of around 1,000 square meters be ready to shell out $8 million, it won’t be cheaper.

Real estate prices in Myanmar’s business capital have skyrocketed over the past month, with prices for one square meter reaching around $8,000, which is almost three times the price for a similar plot of land at prime locations in Thailand or Malaysia.

Prices took off after the government has permitted three-year leases to owners, and they are acquiring land in the central business district to build high-grade condominium space as the influx of foreign investors and an urgent need for offices has left few available spaces, according to the Myanmar Real Estate Brokers’ Association Information Department.

And there are no signs of relief. Prices of land will continue to rise for the next few years, real estate agents say. In industrial zones near Yangon like Hlaing Thar Yar, for example, an acre of land currently sells for $530,000 – 12 times higher than a similar plot in Orlando, Florida.

Office rents have tripled between 2011 and 2012 to $65 a square meter and are expected to double again to $150 a square meter by 2015.

And for expats in Yangon, rents for serviced or furnished apartments have reached absurd heights, with advertisements offering fully furnished penthouses in the city for $15,000 a month.

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