Domestic investment in property is soaring, topping manufacturing and other sectors
Domestic investment in Myanmar’s real estate sector totaled MMK2.767 trillion (USD2.043 billion) as of March, the highest for any sector in the country.
Myanmar investors funneled MMK13.191 trillion into 1,241 enterprises across 11 sectors, with real estate development accounting for 20.98 percent of investments, reported the Directorate of Investment and Company Administration (DICA) Wednesday.
The manufacturing sector trailed real estate with MMK2.438 trillion in inflows, followed by transport with MMK2.302 trillion, and hotels and tourism at MMK1.415 trillion. Agriculture and livestock & fisheries, in comparison, only accounted for 0.38 percent and 0.53 percent of investments, respectively.
The first full year of a new government led by Aung San Suu Kyi’s National League for Democracy (NLD) party has marked more than MMK1.567 trillion in local investments.
Meanwhile, foreign direct investment over the 2016-2017 financial year totaled USD6.6 billion, around USD748 million of which was ploughed into the real estate sector alone.
Foreign investment in Myanmar real estate has accrued a total of USD3.754 billion since 1988. The fifth biggest sector for foreign investment, real estate accounted for 5.34 percent of foreign investment in the country.
Total foreign investment in the country totaled USD70.35 billion during that time period.