Myanmar’s first major real estate and construction expo, Real Estate Show Myanmar 2014, kicks off in Yangon today alongside the second annual Myanmar Urban Development Conference.

The three-day conference, held at the Sule Shangri-La (formerly Traders Hotel), will focus on urban and real estate development, ranging from property investment opportunities and the retail mixed-use development trend in the country to building and construction technologies and city planning.

Organised by Sphere Conferences, in association with the Union of Myanmar Federation of Chambers of Commerce and Industry,  the event is expected to attract more than 200 developers, investors, urban planners and other industry experts.

“With an estimated population of 60 million and the rapid economic growth, there are vast opportunities in Myanmar’s infrastructure, building and construction sectors,” Chua Wee Phong, chairman of Sphere Conferences, said. At [the events], we offer unparalleled networking opportunities with experienced leaders and experts, engaging panel discussions and successful case studies for urban and real estate development leaders to exchange ideas and collaborate in achieving greater success.”

He added that many local developers have taken advantage of the the country’s property boom over the past two years, which has seen average land prices in central Yangon soar from USD1,000 to USD3,000 per sqft.

A key talking point at the conference will be the introduction of the Condominium Law that will allow foreigners to purchase property in the country. As things stand, the law, which currently covers Yangon, Naypyidaw and Mandalay, will allow foreigners to own up to 40 percent of the units in a project, so long as the unit is above the sixth floor.

“[The condominium law] is expected to give foreigners the right to own condominium units in line with laws in place in Thailand or Cambodia,” Brett Miller, managing director of Scipio Services, told Property Report earlier this year. “That’s going to shake up the industry. It’s going to be a frenzy of developers.”

Source: www.property-report.com