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MMK - Kyats (Lakh)
Learn more about the Yangon house market through trends and average prices.
Situated on the southern part of Myanmar on the east bank of the river Yangon (Hlaing River), Yangon is the largest and most vibrant city in the country. It is home to over 5 million people, making it the country’s most populous city. Yangon was the capital of Myanmar up until 2006, and today, it still serves as the city’s commercial, financial, and logistic hub.
Yangon has become one of the most visited cities in Myanmar. It is home to the country’s largest airport and it has many interesting sights to see. The city’s strength and geographical advantage have successfully made it a popular spot for international investors and expats.
There is a wide range of house types in Myanmar to suit all budgets and requirements. Some of the most common types of properties is semi-detached, detached, bungalows, mansions, and shophouses.
Bungalows and detached houses are very similar. They are surrounded by gardens and do not adjoin with the neighboring home. Semi-detached houses share one common wall with its neighboring home and its layout is usually identical with the other.
Shophouses in Yangon are similar to shophouses found in other countries within Southeast Asia. They may still function as a hybrid of a shop and a house or have been refurbished and made entirely as homes.
Mansions are the most luxurious type of house in Yangon. They have upscale appliances and furniture, come with a large amounts of land, and sometimes, a swimming pool.
Yangon is home to the most sacred Buddhist Pagoda in Myanmar, the Shwedagon Pagoda. Also known as the Golden Pagoda, the Shwedagon Pagoda is literally covered in gold blocks, and the very top of the tower is encrusted with diamonds and other precious stones, such as rubies and sapphires. Shwedagon Pagoda also preserves four Buddhist relics that belonged to the previous incarnations of Buddha. There are other pagodas in the city as well, including the Sule Pagoda and Botataung Pagoda.
Visitors can also enjoy the Kadwgyi Lake, admire the many colonial-era buildings that are scattered around the city, or buy local handicrafts in Bogyoke Aung San Market.
The prices and rents in Yangon have increased significantly since the country first reopened its doors to foreigners in 2011. However, it still offers a relatively affordable cost of living for most foreigners. Generally, the cost of living in the country is 40% cheaper than in the United States. A single person may need a minimum of 1,400 USD a month to live a comfortable life. Burmese Kyat (MMK) is the official currency and the exchange rate 1 USD is about 1,360 MMK. Cash is king in Yangon, but always remember to bring the most pristine bills.
The biggest religion in the city is Theravada Buddhism, which is why the culture, people, and etiquette in the country are heavily influenced by religion. Most people in the city are friendly and welcoming, allowing foreigners to adjust easily. Burmese is the official language and many people may be able to speak and understand English to some extent.
To stay in Yangon for an extended period of time, foreigners need to obtain Stay Permit and Multiple Journey Special Re-Entry Visa.