Dagon City’s demise casts doubts on real estate investment in Myanmar
A government decision to ax a luxury development project and four others amid opposition from Buddhist monks has left developers wondering if their investments are safe in one of the world’s fastest-growing real-estate markets.
Last month the government axed plans for the $300-million Dagon City luxury development. The design included hundreds of plush apartments, a high-end mall and thousands of square feet of office space.
Since Myanmar began to open up in 2011 after decades of military rule, condominiums and grade-A office space have doubled or sometimes tripled in price as foreign multinationals scope out opportunities and set up local offices.
