Yangon property market sees sales resumption, strong rentals amid price increases

Sales have resumed in the Yangon property market. However, prices have been higher, and almost all available apartments have been rented out due to a brisk rental market, said realtors in the Yangon Region.
“Although property prices are getting higher, sales have now resumed. But it is not like the very active periods before. In Kyimyindine, there are more purchases of apartments below K100 million. Condominiums worth K300-K350 million are being sold well. Some are buying detached houses. Expensive properties are also sold depending on their township location. As the gold price rises, so does the price of apartments,” said a real estate agent from Kyimyindine township.
The units under K 100 million attract more interest and sell well in the residential market while sales of K300-K350 million condominiums and K500-K600 million detached houses or land have resumed, he added.
“Those under K100 million are doing well. There have been deals for land or separate houses worth K500-K600 million. Houses in Kyimyindine have jumped from K500 million to K600-K700 million. If it is on a wide main road, the price can be K1 billion. Sales are just steady. It is not as brisk as the most active periods,” he said.
Yangon’s property market reached its high-price window in 2022-2023, and prices have recently doubled compared to previous rates.
“A K30 million apartment is now K70 million. A K30-35 million 6th-floor flat bought through me was sold back at K70 million. Apartments under K100 million are seeing more active sales,” said a real estate agent.
With many people coming to Yangon Region from smaller towns to attend various training courses or to migrate, the apartment rental market is doing well, and prices have also gone up.
“With the arrival of many people from other towns, there is a shortage of available units for rent. Rents have gone up, too. As soon as there is a vacancy, another tenant takes it in no time. In the past, when there were plenty of rental units available, we used to show a tenant four or five flats to choose from. Now, there are not many units available. Even when available, they are rented out as soon as they’re vacant,” he said. — MT/ZN/ED