Charges for residential rent in Yangon are up by 10 per cent to 35 per cent in comparison to last year, according to a real estate market survey.
Rent for apartment increases by 10 per cent and the condominium lease jumps by 35 per cent. The rent varies in accordance with location and residential quality.
“Property owners are asking for higher rent based on quality of houses and apartments. Rental fees for flat and condo are higher than the ones from last year. The rent for flat at Yazana Garden City has also gone up. The rent increase coincides with the arrival of Buddhist Lent,” said Sai Li from Asia Land Real Estate Agent.
The sale prices for flats in Yangon have increased. The price range is from Ks 20 million to Ks 25 million. The rent for flat in Dagon Seikkan (Yuzana) Township soars to more than Ks10 million.
A detached house has become more expensive. Land price in the industrial zone sees the 35 per cent increase as Thilawa project is expected to complete by 2015, according to sources.
Charges for office rent in Yangon is on the upward trend. Myanmar is billed as one of the countries with highest rental charges.
Source: ELEVEN MYANMAR
Learn about the Office Rental and Service Office Market in Yangon at The State of Service Office Business in Yangon