Rangoon Division Seeks to Control Skyrocketing Land Prices

15 October 2012

The government of Rangoon Division is taking measures to contain fast-rising land prices in Burma’s largest city amid fears that the overpriced land could adversely impact foreign investment, according to a report by Xinhua. Currently, one hectare of land in Rangoon’s Hlaing Tharyar industrial zone costs between 625 million and 1 billion kyat (US $750,000-1,120,000), while land in Thilawa, a port near Rangoon that is slated to become a special economic zone, a hectare is priced at 475 million kyat ($565,000). Economic experts said an improved taxation system would be need to regulate price rises.