Myanmar eases foreign investment rules to clear housing glut

MYANMAR has taken steps to reduce an oversupply of high-end residential property units by relaxing rules on foreign investment, according to a recent report by real estate services firm Jones Lang Lasalle (JLL).

JLL explained that with the liberalization of the economy and transfer of political power from the military to civilian control, the focus of developers has been on lucrative luxury units over the past few years, encouraged in large part by Myanmar’s rapid economic growth after the lifting of global sanctions.