Lower Rent in Rangoon Due to Weakened Economy
Sittwe, March 13: Due to a worsening economy, the rental prices for apartments in Rangoon is sinking really low, according to a business magazine.
The average monthly rental price has been lessened about 10,000 kyats. Second floor apartments which used to be 45,000 kyats, are now 35,000 kyats, third floor apartments fell from 40,000 kyats to 30,000 kyats, forth floor apartments are down form 38,000 kyats to 28,000 kyats.
When Narinjara asked a business person about the situation in Akyab, the capital of Arakan state, he said “The economic condition there is pretty bad. Almost everyone is unemployed. No business is doing well. The jellyfish industry crashed. Prawn traders lost a lot. The hotel industry is the same. Some people try tourism, but there is no tourists and therefore no business. People are getting fed up with the current situation.
Some people mortgaged their home for the business, but when they couldn't repay, they have to give their home to the bank. A lot of people have lost their home like that.”
A lot of business people used to come to Rangoon for business reasons and hence the rental price was quite high. However, since there is not many business people coming to Rangoon, the rental price is diving.
Businesses in every part of Burma are facing similar fates as those of the Arakanese from Akyab.#
For further information, please contact Narinjara:
Phone: 880 18 255 018 (Mobile)