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Rangoon Property Boom Sees Prices Soar

17 April 2013

Land prices in Rangoon have skyrocketed, the Wall Street Journal reports, as Burma opens up and investors flock to a nation that was long off limits to Western business interests. Prime office real estate in Burma’s largest city goes for nearly double the rate of its Lower Manhattan equivalent, at US $105.9 per square foot ($9.84 per square meter). Prices have spiked more than 150 percent in the last year, and look set to continue rising as investors flood Burma’s largely untapped market of 60 million people.