Several foreign businesspeople have recently made moves to lease land in Yangon, circumventing a longstanding law that no foreigner can buy or own land in Myanmar.
According to local real estate agent Soe Wunna: “Several investors from Thailand and South Korea have contacted us with a view to leasing land in the Yangon area on which they wish to build condominiums. Since there is no right for foreigners to buy land in Myanmar, they are planning to rent it.”
The investors are apparently interested in renting land located along Pyay Road, Kaba Aye Pagoda Road and in the heart of the old colonial city. However, according to Yangon realtor Thiha Aung, most of these lands are unavailable because they are the properties of wealthy local landowners and homeowners.
Soe Wunna confirmed that this was the case, but added that other real estate options exist in Mayangone and Yankin townships in the north of the city which are more suitable for such investments.
He said that most foreigner prospectors would like to rent the land for on 30-year leases with options to extend the lease for five years each time. Most, he said, were looking to build hotels or condominiums.
