Yangon rents at prime locations reach $7,000 per month

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Yangon propertyExpats in Myanmar are increasingly getting freaked out by the extreme hike in rental prices in the business hub of Yangon. According to local real estate agencies, monthly rents for single flats in prime locations have already reached $7,000, which is out of reach for many.

“The property price has steadily increased since the government assumed office. Unless the government can rein in the price hike, there is going to be a crisis,” said a market analyst.

“Difficulty will arise unless the price increase is under control. The government should tackle the problem of soaring rental charges. A single flat along Windarmia, Thanlwin and Kaba Aye Pagoda roads [in Yangon] will cost $6,000 to $7,000 for rent [per month]. Therefore the property rental business is on the downtrend,” said an official of City Land Real Estate Service, adding that “foreigners are freaked out by the rocketing rental fees and also tired of electricity shortage.”

“Despite the increasing rental charges, the condition of housings is still poor. So, the high quality accommodations will be in demand in long-term,” said the country manager of house.com.mm.

At present, the rental fees in Myanmar are much higher than those in regional countries but most properties are of poor quality.

The same applies to office space. Currently, the overall office area in Yangon is not more than 70,000 square meters, which has sent office rentals through the roof as well.

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Reading Time: 1 minute

Expats in Myanmar are increasingly getting freaked out by the extreme hike in rental prices in the business hub of Yangon. According to local real estate agencies, monthly rents for single flats in prime locations have already reached $7,000, which is out of reach for many.

Reading Time: 1 minute

Yangon propertyExpats in Myanmar are increasingly getting freaked out by the extreme hike in rental prices in the business hub of Yangon. According to local real estate agencies, monthly rents for single flats in prime locations have already reached $7,000, which is out of reach for many.

“The property price has steadily increased since the government assumed office. Unless the government can rein in the price hike, there is going to be a crisis,” said a market analyst.

“Difficulty will arise unless the price increase is under control. The government should tackle the problem of soaring rental charges. A single flat along Windarmia, Thanlwin and Kaba Aye Pagoda roads [in Yangon] will cost $6,000 to $7,000 for rent [per month]. Therefore the property rental business is on the downtrend,” said an official of City Land Real Estate Service, adding that “foreigners are freaked out by the rocketing rental fees and also tired of electricity shortage.”

“Despite the increasing rental charges, the condition of housings is still poor. So, the high quality accommodations will be in demand in long-term,” said the country manager of house.com.mm.

At present, the rental fees in Myanmar are much higher than those in regional countries but most properties are of poor quality.

The same applies to office space. Currently, the overall office area in Yangon is not more than 70,000 square meters, which has sent office rentals through the roof as well.

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