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MMK - Kyats (Lakh)
Learn more about the Yangon condo market through trends and average prices.
Home to over 5 million people, Yangon, formerly known as Rangoon, is the largest and most populous city in Myanmar. As the former capital and the largest international airport in the country, this city is one of the first places to welcome visitors from all around the globe. The city is slowly emerging as a top tourist destination in Southeast Asia.
The city has been experiencing significant changes, with shopping malls, boutique hotels, rooftop bars, and gourmet restaurants springing up in the city. Though it is rapidly changing, it still focused on Shwedagon Pagoda, a 100-meter Buddhist monument around which everything else in the country revolves.
Condos in Yangon are mostly newly built and have been created with a modern, minimalistic design. They typically target foreigners and wealthy Burmese people. The average condo size in the city is about 118.6 square meters and some of the largest are around 213.2 square meters. The unit size varies from studio rooms to one- to three-bedroom. Some of the largest and most luxurious condos provide extra storage room in addition to the bedrooms.
Most condos in Yangon are equipped with top-end amenities, such as swimming pools, gyms, gardens or parks, spas, Jacuzzis, clubhouses, children’s playgrounds, halls, parking spaces, and 24-hour security systems. Some condos also have restaurants, cafes, shops, and even pharmacies in the building, giving residents a convenient lifestyle.
Yangon is popular for its golden pagoda, the Shwedagon Pagoda. Most people come to the city to see this beautiful, magnificent pagoda. Every inch of the 100-meter high bell-shaped tower of the pagoda is covered with solid gold blocks and the top of the tower is inlaid with diamonds, rubies, sapphires, and other precious stones.
Besides the Shwedagon Pagoda, Yangon is also home to the Sule Pagoda, the largest number of colonial buildings in Southeast Asia, exciting night markets, teashops, and the Bogoyke Market, where visitors can buy traditional handicrafts among other things.
Although it is not as cheap as it used to be, the living cost in Yangon is still relatively affordable and reasonable. The cost of living in the city is approximately 40% lower than in the United States (exclude rents). Burmese Kyats (MMK) is the official currency in the city, and the exchange rate from 1 USD is about 1,360 MMK.
The official language in Yangon is Burmese. Some people, particularly in tourist areas, may be able to speak and understand English to some extent. Since the largest religion in the city is Theravada Buddhism, the customs and etiquette in the city are based on Buddhism values. Since Burmese people are friendly and welcoming, most expats do not have any problems adjusting to the country's culture.
To live or stay in Yangon long-term, foreigners need to obtain a Stay Permit and a Multiple Journey Special Re-Entry Visa.