Apartment hunting in Myanmar
The best apartments in Myanmar are often centrally located! Whether buying, renting or selling, most of the action in the real estate market, in general, is occurring in city centers where overwhelming speculation has driven up prices. There are however cheaper options outside of the city centers such as Thingangyun, New Dagon, along with northern and southern Dagon in the Yangon region. Like various regions in Myanmar, in combatting the exploding demand in the real estate market, the government is planning many development projects to extend the availability of low cost housing.
I’m looking to purchase an Apartment; What should I know?
The majority of available apartments in Myanmar are clustered into the Yangon and Mandalay regions, with Yangon taking the lead. For those looking to buy an apartment in Yangon, or any other region in Myanmar, it’s important that one pay attention to the availability of basic necessities and also regional policies. Whenever scouting to purchase a property be sure to ask your local agent or landlord if basic utilities are included. In Myanmar, many continue to live without the basic necessities such as water or electricity. Also pay attention to apartment buildings with more than 8 stories. These cannot be seen because of government restrictions, but in general the higher the apartment the cheaper, but such multi-level buildings in the Mandalay region are not so common.
Are you in the market to rent?
While starting prices for purchasing a family sized apartment are around 200 lakh of kyat, the rental market is perfect for those seeking a more economical alternative. Rental prices in Myanmar can range from 1 lakh of kyat on up to 10. It is also typical that agents and brokers are involved in the process. Leases are typically a minimum of 6 months and they will charge a fee for their services. During the time of the “War Twin” when Burmese locals are to make more donations to Monks, buying property in Myanmar might be sometimes challenging. “War Twin” is during the months of July, August, and September and is typically a cooler time in the midst of Myanmar’s rainy season. Any other seasons are great to search for a Myanmar flat for sale or even rent and house.com.mm is a great platform for connecting prospective renters and buyers with property managers, agents and landlords.