Myanmar offers unique opportunities for anyone who is looking to invest in commercial or residential property. Economic reforms are taking place in the country and this is expected to have a positive effect on the property market. The country’s commercial hub, Yangon, is currently experiencing a boom and this has increased the price of commercial property. If you want to invest in the country, Scipio Services offers valuable guidance and information about the property market. It is important to understand that this market is different from what you expect from other property markets. Here are a few things that you need to keep in mind before you invest in Myanmar property.
Options for Foreigners
Foreigners are not allowed to purchase property in the country at the moment. However, a condominium law has been proposed and when it is passed, it will offer additional investment opportunities for foreigners. Leasing is the only solution for foreigners who are interested in property investment. The country does not have leasing laws and landlords set the conditions. Lack of clear rules creates a challenge for foreigners. This is why it is necessary to seek Scipio Services for investment guidance and support.
Finding Legitimate Property
One of the main challenges for potential investors is finding legitimate property in Myanmar. The country was under military rule for several years and issues surrounding property ownership and rights are yet to be addressed by the current government. Most of the land is owned by individuals and it is difficult to ascertain the original owners in some cases. As a foreign investor, you have to rely on reliable local advisers to help you get a property to lease. You have to determine if the land was legally acquired before you sign a lease. A reliable advisor will help you to get undisputed land. Most landowners use the local advisors to get tenants for their property.
High Property Prices
Myanmar’s property market was inactive for several years because the country was separated from the rest of the world and essential financial systems. This has changed as the country works towards establishing a democracy and this has opened up the property market. Demand for property in the country has gone up for investment, commercial, and residential property. However, there is a short supply and this has led to a significant increase in asking prices. Commercial property is the most affected by the short supply and some of the commercial spaces in the country’s hub are more expensive than what you get in New York. Several construction projects have started and this is expected to increase the supply to meet the increasing demand. Despite this, the leasing prices may still remain high but Scipio Services assists you to get property within your budget.
Property investors face a few challenges in Myanmar but this is expected because the country is still trying to recover from a difficult period. In spite of the challenges, the country has a lot of potential and investors have an opportunity to make a lot of money in the property market. It is an emerging market, which has considerable risks but this makes the rewards even more significant.