Real estate development projects near Thilawa port in Yangon would be kicked off shortly after the visit of Japanese Prime Minister Shinzo Abe, sources said.
Land price in the industrial zone rose from Ks 200 to 250-300 million per plot.
"Now the price is going up. There is
almost no seller now, but only buyers. Yangon apartment prices are also
skyrocketing along with foreign investments. It's estimated that the
prices will go up by 20 to 30 percent soon," said Khin Maung Aye, an
official from Myanmar Real Estate Association (MREA).
The property prices there started rising slowly since the end of last year and then gained momentum after Abe's visit on May 25.
"The rising prices can upset the foreign
investments. It can also bring up inflation. Myanmar needs more
infrastructure and industrial zones. The government should deal with the
land price," said Than Oo, the managing director for Mandaing Real
Estate Company.
The Thilawa SEZ development project is expected to be completed by 2015.
source: Eleven Myanmar
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