Myanmar's real estate sector is receiving a far larger share of overall approved foreign direct investment (FDI) so far this fiscal year, according to data from the Directorate of Investment and Company Administration (DICA).
Construction and real estate industry officials are anticipating rising foreign demand for housing, office space and investment opportunities once the US sanctions are lifted. But an unstable policy environment could prevent the sectors from taking full advantage, they said.
In light of an accommodation supply glut in several of the country’s tourism hotspots, the government has announced a temporary suspension of new hotel developments in some of Myanmar’s most popular visitor areas.
High-rise building developers given the green light to resume construction after a ban imposed by the Yangon Region government in May say the unplanned disruption to their projects has led to significant financial and reputational losses.
Yangon City Development Committee has told the Sule Shangri-La hotel to dismantle and vacate a car park and signage area in front of its entrance as part of an effort to stop private buildings from encroaching on public land.