Many have hailed Myanmar’s recent economic, political and social restructuring as ground breaking, and for good reason. In a relatively short period the country’s economy has gone from being largely isolated to being a focal point for foreign investment.
A planned expansion in Myanmar’s business capital, Yangon, will nearly double the city’s residential capacity, helping to support its property market.
Evidence of the construction boom in Myanmar is visible throughout the country and especially in Yangon. The old capital has been awakened and is on an express track to becoming a modern city, with the number of public works and concrete buildings rapidly rising in the last four years. This trend is set to continue, as the economy is on track to grow 7.8% in both FY 2014...
Major demand for real estate is being driven by Myanmar’s significant economic growth, and market participants are looking forward to the arrival of new foreign investors. Thanks to the current government’s economic and political reforms since 2011, Myanmar is seeing broad growth in sectors such as oil and gas, telecommunications, manufacturing, construction and tourism...
A much-anticipated reform in the real estate sector for 2014 was the introduction of the draft Condominium Law, but a series of disagreements among lawmakers has delayed its introduction to an unspecified date. The draft law is now expected to be re-submitted to the parliament in January 2015. The law, if approved as proposed, will allow foreigners to own apartment units...
Growing demand for residential units, the urbanisation of major cities and a national drive to bridge infrastructure shortfalls, should help Myanmar’s construction sector maintain its recent track record of strong growth over the coming years.
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