The second Myanmar Real Estate Summit (MRES), to be held in Yangon from September 30 to October 1, will hone in on pivotal issues, critical for investing in that country's real-estate development and property sector.
The sector is booming as investors respond positively to the country's economic and political reforms. Burgeoning demand and new opportunities are attracting investments from around the world.
The extent of this can be judged by the fact that Yangon enjoys the highest property...
For years, international companies wanting to set up in Myanmar were stifled by Western sanctions or rebuffed by the country's military government.
Now, as the country opens up, global corporations are finding a new hurdle: real-estate prices.
Top-quality office space in prime locations in Yangon, the commercial capital of the poorest country in Southeast Asia, is now the most expensive in the region at $78 a square meter ($7.33 a square foot) per month, according to research from...
Myanmar’s tax measures instituted to check soaring real estate prices have been ineffective, property agents and economists say, due to the inefficiencies of the government. In addition, the market has seen significant money laundering, due to flaws in regulations, flaws that need to be fixed soon for the property market to properly cool down.
With prices in real estate markets around the country, especially in Yangon, Myanmar’s commercial center, skyrocketing in recent years, the...
The second Myanmar Real Estate Summit (MRES), to be held in Yangon from September 30 to October 1, will hone in on pivotal issues, critical for investing in that country's real-estate development and property sector.
The sector is booming as investors respond positively to the country's economic and political reforms. Burgeoning demand and new opportunities are attracting investments from around the world.
The extent of this can be judged by the fact that Yangon enjoys the highest...
Walking down the street in Yangon, the feeling of change is palpable. New buildings are being constructed and you cannot help but notice the influx of foreign tourists visiting the local sites. There is a lot to like about the opening of one of the world’s last frontiers, especially given its size, geography and vast raw materials. At close to 60 million people, Myanmar is the size of France and shares a border with Bangladesh, China, India, Laos and Thailand. Its geographic proximity to...
Myanmar President U Thein Sein said the ongoing Myanmar Global Investment Forum would contribute to the economic development of the country, official media reported Wednesday.
He added that the forum is a golden opportunity for Myanmar at a time when sweeping reform is taking place.
U Thein Sein made the remarks at a meeting with vice president of the Asian Development Bank (ADB) Xiaoyu Zhao who is attending the forum in Nay Pyi Taw, which is the second of its kind.
The two-day Myanmar...
Just like Myanmar’s economy that is projected to multiply from the current $45 billion up to more than $300 billion by 2030, the number of super-rich in the poor Southeast Asian nation is set to increase at least six-fold in the coming decade, as the country embraces political and economic reforms.
There are only 40 individuals in Myanmar with more than $30 million in assets currently, according to the World Ultra Wealth Report, published by Wealth-X, a wealth intelligence firm, but that...
Fearful its skyrocketing real estate prices could prevent foreign firms from entering and investing in Myanmar, the government is considering new property taxes to stabilize the market, deter land speculation and increase state income, despite experts urging the government not to meddle.
Land prices in Myanmar’s commercial center Yangon, have risen to higher than prices in Manhanttan – the price of one square foot of real estate along Yangon’s main road ranges from $1,000 to $1,500....
Sean Danley has spent the past six months in Yangon scouting office space for his U.S.-based employer, which wants to open an outpost in Myanmar. He checked out the city’s three office towers. Annual rents in those buildings, none of which is taller than 27 stories, now surpass $100 a square foot, higher than the $75 average for downtown Manhattan, according to broker CBRE Group.
The Yangon villas Danley considered didn’t have safety exits and required sharing space with other companies...
In May 2013, a choice residential property on Pyay Road in Yangon’s Golden Valley sold for US$972 per square foot (psf). Today, two months later, the owner has divided the property in half—and the asking price for one half of the bifurcated property is US$1,228 psf.
In Yangon today, stories like this are becoming commonplace. The recent political and economic reforms that have transformed Myanmar from a hermit nation to the new jewel of Asia have had an especially profound impact on the...
Myanmar is full of potential for everyone these days as global brands jockey among one another to enter one of the last frontiers of the commercial world. Yangon, Myanmar’s commercial center, has in particular seen a boom in its property values as some commercial offices are now more expensive than comparable spaces in Manhattan .
But before sending your money to the city, or moving there yourself, regardless of whether one travels there to work or live, visitors should know that the real...
Land prices have skyrocketed by as much as 100-fold in Myanmar’s city of Bago, following the announcement that Incheon International Airport Corp. of South Korea was awarded the contract to build and operate Hanthawaddy International Airport, which is expected to become Myanmar’s largest international airport with a possible price tag of $1.1 billion.
The consortium led by Incheon International Airport was proclaimed the preferred bidder to build the airport on Aug. 10. Officials from...
Land near the Hanthawaddy International Airport Project are selling like hot cakes in spite of skyrocketing prices after the announcement of the construction project contract award to a Korean construction consortium.
According to real estate dealers even in Yangon land deals were struck at lower prices but in Bago, near the Hanthawady Airport Project, land deals are made at a much higher price.
The current land prices near the Hanthawaddy International Airport project are over MMK100...
Myanmar government is planning to use Chinese loans to cover the electrical expenditures of two major low-cost housing projects in the outskirts of Yangon, according to the Ministry of Construction.
Myanmar will borrow a total of US$9 million from Chinese EXIM Bank for the public housing and infrastructure projects, according to the government's projections for investments in national projects and foreign loans during 2013-14.
Chinese loans will be used for electrical expenses in...
Myanmar is scrambling to put up more office blocks in Yangon, fearing that an acute shortage of office space in the commercial capital will put off foreign investors making a beeline to invest in the reform-embracing country.
Rental costs of limited office space in the city have jumped multifold, surpassing even rates of increase in New York and Tokyo due to pent-up demand.
The government is concerned that the rising costs and shortage, which may only ease in about three years as...
Sean Danley has spent the past six months scouting office space in Yangon after being sent to establish the Myanmar branch of his U.S.-based employer.
He looked in the city’s three sole 1990s-era towers, where annual rents have climbed to more than $100 a square foot, compared with less than $75 in downtown Manhattan , according to broker CBRE Group Inc. Too expensive, he said.
The villas he considered either didn’t have safety exits, weren’t clean, required sharing space with other...
Following major investments flowing into Myanmar, international law firms are now scrambling to get into the country for a piece of the action in the rapidly developing economy, as foreign investors and businesses building their presence in Myanmar will certainly require legal counsel.
Myanmar represents a new market for lawyers, not just investors. Before 2011, when the current government took over from the former military junta, the country was closed off culturally and economically, and...
Land in downtown Yangon, Myanmar’s financial center, has continued to skyrocket in price and can cost up to $800 per square foot, now that the government has permitted three-year leases to owners.
Sustaining a trend of urgent demand for office space as foreign investors pour into the country, buyers are now speculating on land in the former capital's central business district in order to build high-grade condominium buildings, said Khin Maung Aye, an executive with the Myanmar Real...
Recognising Myanmar's enormous growth potential and to support businesses entering this emerging nation, Colliers International has opened a new office in Yangon. Tony Picon has been appointed as Managing Director, Myanmar, Colliers International.
This is a strategic expansion of Colliers, which continues to grow its geographic coverage. Colliers now operates 39 offices in 14 countries throughout Asia.
"Colliers is the first global real estate services firm to enter the Myanmar real estate...
Exim Bank of India has been granted a license to open a representative branch in Myanmar, according to Indian Media.
The move follows a Memorandum of Understanding (MOU) totaling $500 million that was signed between Exim and the Myanmar Ministry of Finance and Revenue during Indian Prime Minister Manmohan Singh’s May 2012 visit.
The banking license was presented by Thein Zaw, Deputy Director General of the Central Bank of Myanmar’s (CBM) Financial Institutions Supervision Department,...
