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MMK - Kyats (Lakh)
Learn more about the Yangon property market through trends and average prices.
With a population of more than five million people, Yangon, formerly known as Rangoon, is the largest and most populated city in Myanmar. It served as the capital of the country until 2006 when the military government officially announced Nay Pyi Taw (Naypyidaw) as the capital.
Since Myanmar started opening up to visitors around 2011, the country has been experiencing a significant transformation. Shopping malls have been built, trendy bars and gourmet restaurants have sprung up all over the city, and numerous boutique hotels are now ready to cater to international visitors. As the city is transforming, foreign investors, tourists, and expats flock in.
A wide range of property types is available for sale in Yangon, with condos, apartments, and houses as the most popular types for foreigners.
Condos in the country are usually new and modern, with top-end amenities such as fitness centers, swimming pools, gardens, clubhouses, spas, parking spaces, and 24-hour security systems. Some condos also have restaurants, shops, and a hall. The units range from studio rooms to one- to three-bedrooms.
Apartments are similar to condos, but they may not be as luxurious as condos. Apartments in the country can be divided into two categories: modern, “western” apartments, and Myanmar-style apartments. Both are usually equipped with standard amenities, such as parking space and, sometimes, 24-hour security systems.
The most common house types in the country are semi-detached and standalone houses. Both offer more space and privacy for their owners.
Although Yangon has experienced significant change, it still remains focused on Shwedagon Pagoda, a remarkable golden Buddhist monument that highlights the city’s skyline. This 100-meter pagoda lies atop Singuttara Hill and is considered as the most sacred Buddhist place in Myanmar. Aside from Shwedagon Pagoda, Yangon is also home to the Sule Pagoda. Situated at the heart of downtown Yangon, it has shrines that contain eight Buddha images.
Besides the pagodas, visitors can also wander around Yangon’s streets to admire the most impressive colonial architecture in all Southeast Asia, sample a traditional Burmese meal, try the city’s famous tea in one of its tea shops, or shop for precious traditional handicrafts at the Bogoyke Market.
Yangon offers a relatively affordable cost of living for foreigners. However, do not expect it to be super cheap since the prices have skyrocketed since the country reopened its doors. In general, the cost of living is approximately 40% lower than in the United States. The official currency is Burmese Kyats (MMK) and the exchange rate from 1 USD is around 1,360 MMK. In some tourist areas, US dollars are accepted.
Burmese is the official language in Myanmar, and although English is not widely spoken, many people have some elementary knowledge of the language. The largest religion in the country is Theravada Buddhism, which is why the culture and the people in the country are deeply rooted in Buddhism. Other religions, including Islam, Christianity, Mahayana Buddhism, Vajrayana Buddhism, and Animism are widely practiced in the country.
In order to live or stay in Myanmar for an extended period of time, foreigners need to have a Stay Permit and Multiple Journey Special Re-Entry Visa. The stay permit can be issued for a period of three to twelve months, but it is only valid for one entry. Therefore, foreigners need to apply for Multiple Journey Special Re-Entry Visa to be able to leave and re-enter Myanmar.
Myanmar's economy has been slowly opening up over the past few years, and Yangon has become an increasingly attractive destination for property investment. However, there are a few things you should bear in mind before making a purchase. Firstly, it's important to do your research and choose a reputable real estate company. There are many unscrupulous operators in Yangon, so it's important to work with someone you can trust. Secondly, be prepared for the paperwork. The process of buying property in Myanmar can be quite bureaucratic, so it's important to have all your documents in order before starting the process. Finally, remember that the prices of properties in Yangon are still relatively low compared to other major cities in Southeast Asia. With careful planning and research, you can find a great property at a price that suits your budget.
Following the enactment of the Foreign Investment Law, foreigners are now allowed to buy properties in certain developments that have been approved by the government. While there are some restrictions on foreign ownership, overall the process is relatively straightforward. In order to buy a property, foreigners must first obtain a Foreign Investment Certificate from the Ministry of Planning and Finance. Once the certificate has been obtained, they can then proceed with the purchase. Given the recent liberalization of the market, there has been a surge of interest from overseas investors in Yangon's real estate market. As a result, prices for both commercial and residential properties have seen significant increases in recent years. However, with the current political stability and strong economic growth, Myanmar is still considered to be a very attractive investment destination. Consequently, foreigners who are looking to buy property in Yangon are likely to find opportunities that suit their needs and budget.
After decades of military rule, the country is now undergoing a period of political and economic reform. One of the most noticeable changes is the booming real estate market in the capital city of Yangon. Westerners are starting to buy property in Yangon, drawn by the low prices and the potential for capital appreciation. While there are some risks associated with investing in Myanmar, many experts believe that now is the time to buy. The country is still relatively unknown, which means that there is a lot of potential for growth. In addition, Myanmar is located in a region that is experiencing rapid economic development. As more and more people become aware of Myanmar's potential, it is likely that demand for property will continue to increase. For these reasons, experts believe that now is the time to buy property in Yangon.
If you're thinking of buying property in Yangon, you'll want to know which neighbourhoods are the best to invest in. While the city's overall real estate market is growing rapidly, some areas are seeing more development and appreciation than others. In general, the best neighbourhood to buy property in Yangon is downtown. This central area is home to a number of important businesses and government offices, as well as a growing number of luxury hotels and shopping centres. As a result, downtown Yangon is seeing a lot of investment from both local and foreign buyers. If you're looking for an up-and-coming neighbourhood with good potential for appreciation, then downtown Yangon is the place to buy.