Thailand
Myanmar: Myanmar eases foreign investment rules to clear housing glut
Myanmar: Myanmar eases foreign investment rules to clear housing glut
Monday, August 14, 2016 – MYANMAR has taken steps to reduce an oversupply of high-end residential property units by relaxing rules on foreign investment, according to a recent report by real estate services firm Jones Lang Lasalle (JLL).
JLL explained that with the liberalization of the economy and transfer of political power from the military to civilian control, the focus of developers has been on lucrative luxury units over the past few years, encouraged in large part by Myanmar’s rapid economic growth after the lifting of global sanctions.
The economy is expected to grow at a rapid 8.4-percent pace this year.
The real estate monitor noted, however, that 25.6 percent of Myanmar’s population lives below the poverty line, and the developments in residential real estate have predictably led to an overstock at the top end of the market, with a shortage of low-cost and mid-range residential accommodations. Read More?