Generally in Myanmar, property buying and selling and rental market is always slow in Vassa (three-month rain retreats), however, apartment rents have increased at present in downtown Yangon, according to Yangon-based real estate agents.
Under Myanmar culture, people avoid doing house removal during the three-month rain retreats but apartment rentals are doing well this year. “Apartment rental market is fine now compared to last year. It is assumed that prices are good now. House owners get the price as their desire. And condo room and apartment room transactions are also happening,” said a real estate agent U Kyaw Swa.
Rather than areas at the central Yangon, apartment rents have increased more in six downtown townships and nearest townships, he said.
“For example, there are many apartment buildings in Dawbon and Thakayta townships and rents have increased too there. Rental prices vary. But rent rate can’t be raised too much so apartments which can offer reasonable price have more possibility of getting tenant,” he said.
Buyers more enjoy apartment rooms which were already decorated than normal rooms.
“Furnished rooms are more marketable, because they are ready-to-live and owner just needs to move,” he said.
Htet Oo Maung/ZS
