Real estate sources are forecasting new laws and the availability of commercial property will draw in a wave of foreign investors.
Active players market have reported increased interest in Mandalay and Bago, especially as prices rise in Yangon.
“Next year, eyes will no longer just be on Yangon but on second and third cities. The new government needs to be ready for this by preparing infrastructure and improving transport. If those cities are to compete with other attractive places in neighbouring countries, growth needs to be facilitated now. Those in the construction sector will find much more affordable land there. Those who are just looking to invest in property will have a good time with lower prices. It is a win-win situation,” said Balaji Ramaswami, the managing director of House.com.mm.
Plus new laws under the Asean Economic Region, such as the Condominium law, will allow foreigners to own property.
Sector insiders say Myanmar needs a raft of new legislation to attract international investment.
Source: ELEVEN
