Narinjara
News
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)
E-mail: [email protected]