Myanmar’s spiralling real estate prices are expected to be brought under control in order to attract more overseas capital under the country’s first freely elected parliament in 50 years.
New regulations, including tighter control over property taxation, are expected to be implemented under the newly elected National League for Democracy.
These should “gradually have an effect” on the country’s high real estate prices, according to U Soe Win, a member of the party’s economic committee.
Office rents in Yangon are now around $100 (£72) per sq m, higher than in some parts of Manhattan.
Soe Win added that tackling corruption and stabilising the financial sector were also at the top of the party’s list of priorities for attracting overseas investment into the country’s real estate sector.
He said: “We will try to fight corruption. We want a level playing field. Stabilising the financial sector is one of our first priorities. We hope to have it resolved in one year.”
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