Thursday, 12 June 2014

Rental fees in Yangon still on the rise

The rental fees for houses and apartments in Yangon will be increasing until July, according to the real estate experts.

The monthly rent for housings varies between Ks 200,000 to 300,000 (US$200 to 300) for an apartment; Ks 2.5 to 30 million (US$2,500 to 3,000) for a condo; and Ks 4 to 5 million (US$4,000 to 5,000) for a proper house.

“As there is influx of foreigners to Myanmar this year, the leasing of houses, condominiums and apartments is most common,” said Yi Mar Swe from the Myanma Aungmyay Estate Business.

“The high-price renting of apartments is most frequent but we also get some acquisitions. But land deals are cold and we mostly receive enquires,” she added.

The most popular residences and condominiums for foreigners are found on Pyay Road, including 8 mile and 9 mile, and in Yankin Township. With the growing number of foreigners coming to live and work in Myanmar, the price for housing has been growing exponentially.

“The places that weren’t even seen before like those around Guttalit and Chawtwinkone townships are now become a centre-point for foreigners. Myanmar house owners are interested in hiring foreigners as they give higher rental fees,” said a real estate agent.

Currently, hiring and leasing housing is leading the estate business. An appendix to the Income Tax Law has been enacted on March 24 which regulates paying duty on apartment deals but this has yet to come into effect and there is still no visible change in the estate business.

source: Eleven Myanmar
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