Wealthy Myanmar investors have an appetite for international property
Wealthy Myanmar investors have an appetite for international property
Favouring it over local luxury housing
Riding on a wave of popularity following the restoration of democratic functions in the country, Myanmar has been basking in a stream of inbound investments in the past year. But in the hunt for luxury properties of their own, it seems Myanmar investors may look elsewhere, reported the Myanmar Times.
Interest in international property among wealthy Myanmar buyers started to pick up in late 2015, according to real estate firm KAE Alliance. The company sold 20 properties in Malaysia and Singapore to local buyers this year so far.
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“Some customers want to go and look at the construction site before buying units, so we plan to visit Malaysia with two potential buyers in December and another three in 2017,” said U Kyaw Min Zin, director of KAE Alliance.
Myanmar investors are taking interest in foreign real estate partly because of improved air links in Southeast Asia and the inauguration of the ASEAN Economic Community last year, according to U Kyaw Min Zin. “Transportation is very good now. We can take daily direct flights from Myanmar to Malaysia and Singapore,” he said. “There’s also visa-free agreement with some countries. There’s more and more links with other nations, so I hope sales continue to rise.”
His company plans to sell projects in EU and Australia in the first quarter of 2017.
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Source: Property Report