Friday, 13 December 2019

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Real estate value increasing in Rangoon


(Mizzima) – Prices continue to rise in selected Rangoon suburbs with speculators snapping up property in anticipation of international civic and business groups moving into Burma.

“Land prices have tripled or even quadrupled over the past six months,” Tin Moe, a freelance business journalist who has lived in East Dagon for the past eight years, told The Diplomat website. The locals are selling up and moving somewhere farther out of the city, where prices are still quite low.”

Prices have also risen in Dawei, Kyaukpyu and Sittwe, the sites of major industrial expansion.

In East Dagon, 2,400 square-foot plots along a major access road that’s being upgraded have reportedly sold for as much as 130 million (about US$ 162,000) in recent weeks. When he moved into the area, Tin Moe said it was freshly reclaimed paddy fields with an irregular electricity supply and only “a handful of residents…it was very quiet.”
 
The Kachin’s last stand
Since October this year, Burma has been in a state of civil war, with fighting between Burmese military and armed ethnic rebels. The ruling junta started a crackdown on these armed groups.

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