The recent opening of Myanmar has set the country on a track of economic development and high interest for tourism. This enthusiasm is particularly visible in property and hotels prices. This videos gives us some details about this trend, with reviews of prices and factors that could further weigh on the Burmese real estate market.
Key points of real estate in Myanmar
- The coming of business people is creating a boom in Myanmar which particularly impacts property in Yangon, as demand far outweighs the available real estate on offer
- All real estate prices are soaring: hotels rooms, apartments building, office space…
- In office space, rents have tripled in 3 years, to about 90 USD per square meter, not as high as Hong Kong, but bringing Yangon’s prices to the level of Tokyo’s
- Colliers suggest that office price in downtown Yangon could reach 150 USD per square meter in within 3 years
- Hotels rooms rates have doubled in 2012, to about 300 USD per night, filled with “halfpats”, commuting expats from neighboring business hubs, such as Bangkok or Hong Kong
- Tony Picont of Colliers, explains that it is only the beginning as more foreign companies and development will certainly be arriving in the next few years, creating more demand
- The upcoming elections of 2015 could also spur more growth if they are recognized as free and fair
Watch this video of October 2013 by CNN on Youtube.