Apartment prices continue to surge in select Yangon townships

According to real estate agents and tenants, the buying and selling prices of residential apartments, as well as apartment rental rates in certain townships in Yangon, are still on the rise. Despite price controls on domestic goods, gold, and some foreign currencies implemented by authorities, the transaction values and rental rates for houses, land, apartments, and cars have not seen significant decreases.
“They are buying and selling at their preferred prices. In suburban townships, 12×50 feet apartments on the 5th floor used to cost over K60 million. Rental rates have also increased, ranging from K150,000 to K180,000 per month, up from K120,000. Contracts are being signed when landlords and tenants agree on their desired prices,” said Realtor Ma Thanda in an interview with The Global New Light of Myanmar (GNLM).
“When selling apartments, the seller has to pay a two per cent commission to both the agent and the land owner,” added Ma Ni Win, who handles apartment transactions, speaking to the GNLM.
Ma Than Than, a resident of Sangyoung Township, told the GNLM that while apartment prices have risen in most of the city’s six townships, the selling prices of apartments in Sangyoung Township have decreased. Rental rates have also increased by approximately K50,000 per month, according to apartment tenants. Ma Htay Htay, an agent, was quoted by the GNLM saying that ground floor rents in alleys, which were previously at a minimum of K300,000, have now increased to around K400,000 in October. — TWA/CT