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FDI Brings About Property Market Boom

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The local property market, especially in industrial zones, is expected to boom as the country sees a massive influx of foreign investments, according to House.com.mm.

Nitesh Khirwal, Co-founder and Managing Director of House.com.mm said: “The Myanmar Investment Commission’s recent reforms and the new Myanmar Investment Law may have a huge impact on local property market. Thanks to a merger of the Myanmar Citizens Law and the Foreign Investment Law in accord with the ASEAN and international standards, the ASEAN countries can make their investments transparently. Thanks to the new law and the removal of sanctions imposed by the US, international investors are becoming interested in local markets.

Local property market stands at 5th place on the foreign investors list, according to the MIC. Property market is expected to boom as most of foreign investors pay more attention to it. This year, the sector could create more than 60,000 new jobs, according to the House.com.mm.

Singapore is the top investor in the property sector, followed by Hong Kong, Japan, UK, Vietnam and South Korea.

Last year, the inflow of foreign investments to the property market did not decline even though it did slow down. Many vacant apartments in advanced housing projects this year still remain. In addition, many housing projects are expected to be completed this year, according to House.com.mm.

This year, the government will develop more low-cost housing projects. Currently, advanced housing and commercial complex markets are cooling down. But these markets are expected to boom soon, according to a report issued by Oxford Business Group (OBG) after the interviews with Union Construction Minister, Surbana Jurong Group CEO Wong Heang Fine and Meinhardt Group CEO Omar Shahzad.

 

Source: Eleven Myanmar
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