Condos for sale in Myanmar

Myanmar is home to over 54 million people who live across an area of 676,575 square kilometers. About 5 million people live in Yangon (also known as Rangoon), making it the largest and most populous city in the country. Yangon was Myanmar’s capital until 2006 and today it still serves as the country’s commercial and business hub. It is well-known for its golden pagoda, the Shwedagon Pagoda, which is regarded as one of the most sacred Buddhist places in the country. 

Yangon has experienced the most change since Myanmar opened its doors to foreigners. Therefore, besides its cultural attractions and pagodas, the city also boasts rooftop bars, world-class gourmet restaurants, and boutique hotels, which makes it a popular destination for expats to relocate.

Myanmar is also famous for its ancient city, Bagan, which was the capital of the powerful Pagan Kingdom from the 9th to 14th centuries. It was once one of the greatest cities in Southeast Asia that boasts over 10,000 pagodas. Today, only about 2,000 pagodas remain in the UNESCO-listed ancient city due to a number of natural disasters. Visitors can explore the pagodas with bikes, electric motorbikes, or even fly on a hot-air balloon to get a beautiful view of the city from above.

Along with Yangon and Bagan, Mandalay is also popular among international visitors. Some of the most famous attractions are the Mahumuni Buddha Temple, Snake Pagoda, Dat Taw Gyaint waterfall, and Mandalay Hill.

According to the Condominium Law that was enacted in January 2016, a condominium in Myanmar is defined as a building of at least 6 stories that are constructed on collectively owned land and registered under the Condominium Law. The land where a condominium can be developed needs to be a type that is permitted for residential development, have at least 20,000 square feet and transferable into collective ownership.

A number of different condo types are available in Myanmar. In general, they are usually new, modern, and are at the top end of the market. They are mostly available in major cities, such as Yangon. The average condo size in the country is around 118.6 square meters with 2.5 bedrooms, but the largest condo size in the country is 213.2 square meters. Buyers can choose between studio condos and 1 to 3 bedroom condos. Some of the biggest and most luxurious condos offer an extra storage room in addition to the bedrooms to store extra clothes or other items.

In terms of facilities, condos in the country may come with standard amenities such as a designated parking space and 24-hour security, or with more luxurious amenities such as fully equipped gyms, swimming pools, spas, Jacuzzis, gardens, clubhouses, and children’s playgrounds. Some condos also have an array of shops and cafes, and a function hall within the building. 

As in many other countries in Southeast Asia, the cost of living is fairly affordable. Although rents and the price of items have increased significantly since the country opened up to foreigners, a minimum of 1,400 USD a month is enough for a single person to live comfortably. A family of four generally need a minimum of around 2,500 USD. 

Burmese Kyats (MMK) is the official currency in the country. 1 USD is equivalent to about 1,360 MMK. It is easy to find ATMs that accept international cards in major cities but make sure to bring enough cash when visiting more rural areas. US Dollars are accepted in some tourist areas, such as Yangon, Mandalay, and Bagan, but they only take the most pristine dollar bills.

Around 90% of Myanmar’s population adheres to Theravada Buddhism, making it the largest religion in the country. Buddhism is also deeply rooted in the country’s culture and people, which is reflected in the country’s customs and etiquette. Other religions, including Christianity, Islam, Mahayana Buddhism, Vajrayana Buddhism, and Animism, are freely practiced in the country.

The official language in Myanmar is Burmese, which is spoken by almost all of the population. Many people can speak or understand English to some extent, but it is advisable to learn common Burmese phrases before visiting the country.

A Stay Permit and Multiple Journey Special Re-Entry Visa is needed for foreigners to live in Myanmar long-term. The stay permit can be issued for a period of three months to a year, but it is only valid for one entry. Therefore, foreigners also need to obtain Multiple Journey Special Re-Entry Visa to be able to leave and re-enter Myanmar while they live in the country.

1. Rapid economic growth – In the past several years, Myanmar economy has continuously grown at an average of 7% each year since 2011. Its overall growth strategy focuses on a complementary mix of policies to enable modernization in agriculture, industry, and infrastructure. Its significant growth has benefited the country’s property market.
2. Strategic location – part of the reason why Myanmar is growing quickly is its strategic location as it borders two of Asia’s superpowers, China and India. As the economy of the two countries surged, Myanmar can benefit largely through increased transportation, trade, and economic influence.
3. Favorable foreign ownership law – Myanmar’s Condominium Law has made it easier for foreigners to invest in the country. Before the law came into existence, foreigners could only rent in the country, but today, foreigners can own up to 40% of the units in a condominium project, and each individual can purchase as much as 25% of the units.  
4. Rental yields – Myanmar offers attractive rental yields for those looking to rent out their condos. In Yangon, the average rental yields are between 8% and 12%.
5. Pro-foreigner government – the country’s government has continuously encouraged foreign investment. An increasingly friendly legal framework has been established by the country to ensure a fair and safe foreign property investment.