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Serviced Apartment Market in Yangon 4Q, 2014

Research & Forecast Report Yangon | Serviced Apartment Market 4Q 2014 Developers beginning to take interest over limited supply The total supply of serviced apartments grew meagrely in 2014, with only 30 additional units introduced. In the near future, the pipeline will remain weak, but it is set to expand once new and large-scale developments are completed within a span of five years. In the meantime, incoming foreign expatriates will continually face accommodation challenges as inventories are extremely limited. Yangon continues to lack good-quality and relatively smallersized units – a preference of most professional expatriates. However, developers are beginning to take heed of what the market demands, creating more studio and one-bedroom units for the development mix. The citywide occupancy rate continued to grow by 9% YoY. With limited new supply in 2015, the rate is seen to hit the 98% level, as was in 2012. Meanwhile, rental rates in almost all unit types grew … [Read More...]

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