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MMK - Kyats (Lakh)
Find the latest rental rates on the Myanmar property market
Myanmar, formerly known as Burma, is the northernmost country of Southeast Asia. Covering an area of 676,578 square kilometers, it is the second-largest country in the region. Myanmar has become a popular tourist hotspot in Southeast Asia and more and more international visitors are coming to the country to see its golden stupas, UNESCO-listed ancient ruins, jungles, fascinating hill tribes, and peaceful beach resorts.
Renters can choose between 3 types of apartments to rent in Myanmar: standard apartment, high-end apartment, and serviced apartment. In general, most apartments in Myanmar are newly built and modern, though there are old apartments in the country as well.
Standard apartments typically come with studio rooms or room with slim partitions that imitate walls instead of concrete walls. They mostly come with standard amenities, such as parking spaces, but they may not have any elevator.
High-end apartments are mostly developed by reputable construction companies. Therefore, they usually have higher qualities than standard apartments, with well-structured rooms, and each room in every unit is separated by real concrete walls. The unit sizes range from studio room to one-to three-bedroom. They may offer more amenities than standard apartments, such as designated parking spaces, security guards, and elevators.
Serviced apartments are the most luxurious type of apartment. They are fully furnished and offers various amenities, such as swimming pools, gyms, children’s playgrounds, designated parking spaces, parks, and 24-hour security systems, such as security guards, CCTVs, and card or fingerprint-lock system for each unit’s front doors.
Since its reopening in 2011, the standard of living in Myanmar is fast-improving. This means that the cost of living is also increasing. However, most foreigners can still live comfortably on significantly less amount of money compared to living in the United States or Europe. The cost of living in Myanmar is around 40% lower than in the United States. On average, a minimum of 1,400 USD a month is needed for a single person and a minimum of 2,500 USD a month for a family of four to live comfortably.
Burmese Kyats (MMK) is the official currency of the country. 1 USD is equivalent to around 1,360 MMK. Although more and more ATMs that accept international cards are springing up around the country, it is advisable to have cash on you before traveling. However, make sure that the bills look like new and undamaged because most people will only accept the most pristine bills. In some tourist areas, the US dollar is accepted to pay for goods and services.
Theravada Buddhism is the largest religion in Myanmar, which is why almost every aspect of life in the country is highly influenced by religion. Monks and nuns hold a revered place in society and many young people spend time in monastic educations. Christianity, Islam, Hinduism, Mahayana Buddhism, Vajrayana Buddhism, and Animism are also practiced in the country. Since most people in Myanmar are friendly and welcoming, most expats in the country do not experience a hard time adjusting.
Burmese is the official and most widely spoken language in Myanmar. However, English is widely used in major cities and tourist areas to varying degrees of proficiency.
Foreigners need to obtain a Stay Permit and a Multiple Journey Special Re-entry Visa to be able to live or stay in Myanmar for an extended period of time. The Stay Permit may be issued for a period of three to twelve months. However, it is only valid for one entry. Therefore, foreigners who wish to leave and re-enter the country while they live there will need to apply for a Multiple Journey Special Re-entry Visa as well.