Property Prices in Burma’s Capital Now Rival Manhatten
Property prices for the most expensive office spaces in Rangoon, Burma’s capital city, are now double those of Lower Manhattan and almost a third more than Singapore.
The land shortage causing the property price hike is due to heavy foreign investment in the natural resource-rich country. As Burma continues to push through reforms that encourage investment, a “runaway property property market” has developed.
Rangoon’s Grade A offices are renting at $105.9 per square-foot per year (USD), which is 28% above those in Singapore ($82.4 per square foot) and at nearly double those in Lower Manhattan ($56.75 per square foot), reports The Wall Street Journal.
Thailand Land Lawyer
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Office rents in the city rose by 150% last year, and property consultants see those numbers rising as many buildings haven’t even begun construction yet. New projects are often pre-leased at present rates, “a sign that future prices and demand are locked in.”
Inflated property prices are one of many consequences, along with land ownership disputes and poor-record keeping, that have followed Burma’s accelerated lifting on sanctions.
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Flickr photo courtesy of some of rebecca’s photos
