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MMK - Kyats (Lakh)
Find the latest rental rates on the Yangon property market
Yangon, also known as Rangoon, was the capital of Myanmar (Burma) from 1948 to 2006 when the government proclaimed Nay Pyi Taw (Naypyidaw) the new capital of the country. However, with a population of over 5 million, it continues to be the largest city and most important commercial center of the country.
Yangon is currently undergoing a rapid transformation to become a modern city. It gives visitors a unique and interesting blend of old and new. Visitors can enjoy everything from modern shopping malls and boutique hotels to centuries-old pagodas and historical colonial buildings.
The condos in the country are typically new and modern. Renters can find condos of all types and prices, from super modern high rise to modest 10 story condos, springing up all over the city. Most condos in the country are at the top end of the market.
Condos in the city allows residents to enjoy a wide range of facilities that will help them have a more active and/or hotel-like lifestyle, including gyms, swimming pools, gardens, walkways, and children’s playgrounds. Every unit comes with its own reserved parking space and security systems, such as a fingerprint and card-lock system on the door to give residents peace-of-mind.
Many condos in the city are in mixed-use development, so there may be, restaurants, cafes, and office facilities.
With its long and rich history, Yangon has a number of popular attractions that are worth a visit. It houses various beautiful and impressive Buddhist temples and pagodas, including the most sacred Buddhist pilgrimage site in all of Myanmar, the Shwedagon Pagoda. This Pagoda is a great complex with a 100 meters high gold plated stupa set on a hill, dominating the city’s skyline.
Those who want to see some traditional entertainment can go to the Karaweik Palace Hall on Kandawgyi Lake. The city is home to the largest number of colonial buildings in Southeast Asia as well, such as the Yangon City Hall, the Strand Hotel, and the Supreme Court building. Most tourists also pay a visit to the Bogyoke Aung San Market, which is the city’s most famous market that sells everything from local handicrafts and antiques to precious stones and arts.
As in many other major cities in Southeast Asia, the cost of living in Yangon is relatively affordable, but not by any means cheap. It is more expensive than most other cities in Myanmar but considerably lower than cities in the US and Europe. The official currency is Burmese Kyats (MMK) and 1 USD is equivalent to around 1,360 MMK.
Burmese is the official language. English is not widely spoken, but some people, especially in tourist areas can speak and understand at least an elementary level of English. The customs and etiquette in the country are based on Buddhism values since the largest religion in the city is Theravada Buddhism.
Foreigners can live or stay in Yangon for an extended period of time by obtaining a Stay Permit, which can be issued for a period of 3 to 12 months. However, since it is only valid for one entry, Multiple Journey Special Re-entry Visa is needed for foreigners to leave and return to the country while they live there.