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FOREIGN INVESTORS AWAIT PROPERTY PRICE FALL

8 August
2012
Posted by
Admin


Potential foreign investors packing their backs to enter Myanmar are
awaiting fall in estate price of Myanmar following Investment
Commission Chair U Soe Thein’s guarantee to mastermind a decline in
price of one of the Asia’s most expensive estate markets, Eleven Media
Group reported.

The estate market is now staying calm amid expectations that the
taxation system which expires in this August would no more be in
action.

“Every time we attend international property exhibitions, comment of
all visitors is expensiveness,” an official of Myanmar estate
entrepreneurs association told to EMG, saying their comment could
waylay the prospective investors.

Despite no official press release at the moment, the taxation system
which levies 15 per cent from both dealers would be made defunct.
Dr Zaw Oo, advisor to the President, blamed weak economy for the
property price high. “The only option for investors in Myanmar is
property market,” he said.

He predicted that the estate price would go down if the economy could
make spaces for local investor.

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