Rocketing rental fee freaks out foreign residents

Foreign residents in Yangon are burdened by unabashedly hiking rental charges, and some head back to Bangkok at weekends to take a break, according to realtors circle.

“Foreigners are freaked out of rocketing rental fees and also tired of electricity shortage,” said an official of City Land real estate agency.

The government has planned to grant foreigners a permanent resident privilege. Along with the promising demand, the rental fees are likely to increase sharply.

“Despite the increasing rental charges, the condition of housings is still poor. So, the high quality accommodations will be in demand in long-term,” said the country manager of house.com.mm.

At present, the rental fees in Myanmar are much higher than those in regional countries but most properties are of poor quality.

According to statistics of New Crossroads Asia, the overall office area in Yangon is not more than 70,000 square metres.

Source: ELEVEN MYANMAR

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