Yangon, Myanmar – The commercial capital of Asia’s second-poorest country is the sixth-most expensive city in southeast Asia.
Ever since the once-shuttered country opened up to foreign investors, aid groups and businessmen have clambered to gain a foothold in Yangon. The new arrivals have created a property shortage.
Affordable housing is being torn down, replaced by high-rise condominiums and office buildings. Rents have quadrupled in recent years, while local wages remain depressingly low for many.