The price gap between real estate in downtown Yangon and properties in the suburbs has become very small, according to real estate professionals.
The rates used to differ by two to three times back in the days, but the gap has become smaller since 2014.
“In the past, when the rental rates in prime areas such as Kyauktada and Latha townships were Ks 100,000 (US$800 [per month]), those in suburban areas cost only around Ks 40,000. But now, the rental rates of suburban areas such as Thaketa and Thanlyin townships are rising due to higher demand,” said Zin Min, a real estate agent.
The rental rates in downtown area now range from Ks 120,000-Ks 150,000 per month[u1] , while those in the suburb are between Ks 70,000 and Ks 130,000.
“The gap in rental fees has become as small as Ks 30,000. This is also because of improving transportation means. The rents become more and more expensive each year,” Zin Min added.
Some Yangon residents share flats since they cannot afford to pay the fees on their own.