Rangoon Property Boom Sees Prices Soar

[News_Editor]

Land prices in Rangoon have skyrocketed, the Wall Street Journal reports, as Burma opens up and investors flock to a nation that was long off limits to Western business interests. Prime office real estate in Burma’s largest city goes for nearly double the rate of its Lower Manhattan equivalent, at US $105.9 per square foot ($9.84 per square meter). Prices have spiked more than 150 percent in the last year, and look set to continue rising as investors flood Burma’s largely untapped market of 60 million people.

Source: Irrawaddy.org

[tombkk]

There never was enough office space in Yangon, even before the opening. Now, well, no surprise: supply and demand. And with downtown Yangon totally clogged with traffic already and no space for new office high-rises, I would think a new "office down-town" just outside of the city would be a good idea.

Does anybody know whether such is in planning, or even under construction?

[CP3]

There are office buildings along pyay road but still at foundation level.

[tombkk]

There are office buildings along pyay road but still at foundation level.

At least office space is under construction. Do we know the sq.m. price yet?

[CP3]

There are office buildings along pyay road but still at foundation level.

At least office space is under construction. Do we know the sq.m. price yet?

Not yet. I've tried to ask but no success. It is near to KBZ Bank @ Pyay road. Price should be cheaper compare to downtown