It's a good time to be a property salesman in Yangon.
Investors are flocking to the country's real estate, drawn by the promise of reforms and good returns on their property buys.
Sales director Zaw Min Tun says his homes and offices are selling like hot cakes
(SOUNDBITE) (Burmese) SALES DIRECTOR AT KYAW BUSINESS AND RESIDENTIAL TOWER, ZAW MIN TUN, SAYING:
"Normally we don't have many flats that are left unsold. Within three to four months since they're finished, they're sold out."
Even though foreigners are not allowed to own property in Myanmar, developer Naing Lin Htike says buyers from Singapore, China and Korea are snapping up units.
Most do so with local partners for now, ahead of expected changes in Myanmar's property ownership laws
(SOUNDBITE) (English) DIRECTOR OF MOTHERLAND GROUP OF COMPANIES, NAING LIN HTIKE, SAYING:
"After this election, the government will give the right to buy apartments to foreigners, so foreigners are coming in, and the value is going up."
The April elections will be a key test for investor sentiment, and fund director Alexis de Mecquenem warns the risks are high.
(SOUNDBITE) (English) DIRECTOR AT CUBE CAPITAL HK LIMITED, ALEXIS DE MECQUENEM, SAYING:
"We see Myanmar as an awakening giant, the last Asian frontier, if you want to call it that way. There is a lot of attention, mostly from Asian countries, the Thai and the Chinese are all over the place. Right now it is still not yet possible to invest efficiently in this country... there could be a lot of hot money flowing to the country, too much money, creating a kind of asset bubble, speculation, to the point where prices can crash."
The interest is also hurting some local businesses and pricing out Yangon residents.
But the overhaul seems inevitable.
Across the river from Yangon, in the town of Thanlyin, another residential project called Star City is taking shape.
Star City promises a self-contained community with high-rise condominiums, a school, a mall, and a golf course.
Even with prices starting at $50,000 for a 640 square foot apartment, the developer says all 300 units in the first two buildings were sold within three months.
Interest remains high as evident in stacks of local currency brought in by customers to make down payments on their property, in what is still essentially a cash-based economy.
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