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Residential Real Estate in Yangon, Myanmar

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To view and lease properties in Myanmar, visit Myanmar Deals Leasing.

Local agents and brokers have indicated that vacant and live-ready apartments and properties are on the market for less than three months.
Competition for limited supply of commercial office space has led to further limiting the strained supply of residential properties as organizations convert large walled-residences into offices.

At Scipio Services, we offer bespoke consultancy and real estate advisory services to you as you seek to establish a home in Yangon, Myanmar. Our consultants have years of experience in Myanmar who work with you to locate your residential properties.

Descriptions of Residential Properties in Yangon, Myanmar

For residential properties, local brokers have indicated that vacant and live-ready apartments and properties stay on the market for less than three months and prices for new tenants are not unheard of doubling each year. As the residence lease negotiation process begins, landowners are quick to understand their opportunity and can change their offered price even by the day.

Office space in sole-purposed business towers has become so competitive that many multi-national corporations (MNCs) and large non-governmental organizations (NGOs) have begun occupying larger walled-residences. This movement to residential-then converted office space, has fueled competition for remaining large residences, limited supply, and has created a near-exponential upward trend in market rates.

Typical payment terms for a residence one-year lease, is the entire year paid in advance, with a 13th month paid to the agent/broker, and often a security deposit of an additional 14th month. A residence advertised at $4,500.00 per month really means $63,000.00 to be paid in advance, with your deposit of $4,500.00 normally returned when you vacate the property.
A lease is normally structured by one or two agents/brokers; with one representing and marketing on behalf of the seller and the other representing the buyer. In almost all instances a prospective occupant must work through an agent/broker. Sometimes, the occupant will never meet the landowner except to sign to the lease agreement and transfer the payment. The standard residential fee to a prospective occupant is a 13th month.
Real estate in Yangon is currently a seller’s market. A 2012 report by Myanmar Survey Research showed the price of land in Yangon increased nearly five-fold from 2002 to 2011, though informal analysis of the market for corporate offices and expatriate residences seems to indicate that actual prices increased even more aggressively in the last 18 month period.
A few large residential and commercial projects have been announced to break-ground in the coming months that could relieve some of the stress on supply, but these projects are advertising completions by 2015 and in the meantime only a few office conversions from retail space have provided relief.

On the demand side, organizations from the Asian region are ratcheting up their involvement and western organizations are increasingly stepping in ever more frequently as we approach 2015. Given the current near-exponential trend in market rates, we expect prices to continue their trend upward for commercial and even more so for residential at an alarming rate until 2015; though this is largely dependent upon the continued diplomacy, reform process, security situation, and 2015 elections.

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To view and lease properties in Myanmar, visit Myanmar Deals Leasing.

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