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MMK - Kyats (Lakh)
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.
Learn more about the Yangon property market through trends and average prices.
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.