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Rent Condo in Yangon |

Residential Market Scenario in Yangon City

The trend for acquiring high rise apartment complex for rent is still popular in Yangon city since access to ownership law by foreigners is still discussed in the Parliament. While waiting for the law to pass, expatriates and foreign investors, diplomats, and business entrepreneurs have little choice, but are faced with a market scenario for property renting only. It is a fact that owning a piece of property in Myanmar is still more practical for foreigners who aim to operate businesses, run offices, and residential purposes. However as mentioned renting is the only viable option at the moment. This has enforced the expatriates to find building complex with monthly or yearly rent which helps them initiate their businesses in Myanmar.

The expatriates use condominium as an alternative way to Hotels to open their office because they offer proper facilities, which are sometimes very close to the qualities of the facilities that two to three stars hotels usually offer. Needless to say, the price of the rental for condos in this situation is increasing. To add to this gold rush scenario for condo for rent in Yangon downtown, more construction projects are moving forward to the outside region of the former capital of Myanmar. For instance the Development Committee of this city is implementing a Greater Yangon Plan with 77 development projects which entail civil and infrastructural in collaboration with JICA (Japan International Cooperation Agency). The mega project such as this would have direct repercussion on the construction of new condominiums, apartments, and housing complexes.

Rent Condo in Top Locations in The Former Capital

Generally speaking, vertical residential unit can be seen in each township of Yangon city. However some strategic areas like Dagon . Kamaryut, and Sanchaung, and Hlaing are mushrooming with rental unit. The condos in these locations are also surrounded by public spheres such as shopping malls and entertainment arenas. For instance Dagon is very much vibrant and colored by arrays of public utilities like Aung San National Stadium, La Paye Wun Plaza, and Yaw Min Gyi Road etc. There are also long lines of condos and apartment complexes at Ah Lan Pya Road. Most expatriate communities also live in these areas which provide as the perfect location for rent due to the fact that it is accessible by buses and taxis in 10-20 on a non-traffic day. Perhaps President Condo and United Condo in Dagon township are the only two towers in this city with the highest number of tenants renting and Yaw Min Gyi Condo would come up with the premium price for rent. All these high rise units include standard facilities such as alarm, swimming pool, and indoor gym, community garden, and elevators.

Other popular spots for renting condominium also include Kamaryut, Sanchaung, and Bahan which are located at the edge of inner city and present as the most vibrant and active areas. For instance Hledan is located at the junction of Pyay Road and University Road which provide the best access to all condo for rent in Yangon. To add to the popularity of these two areas, there are also a walking distance street market and several learning centers. These attributes have created attraction for many rural migrants, students, and expats to choose these areas. On the other hand, if people want a more comfy and ambiance atmosphere, there are also some condominium complexes in Kabaraye Road in Bahan city, which host condo like Pearl Condo. This unit serves as a perfect one since it lies in front of Kabaraye Road. and is overwhelmed by the quietness of the community in the area. As more real estate developers extend their construction projects to other urban areas outside Yangon, there will be more modern vertical residential units for rent and for sale in the coming years.

Condominium Rental Advice & Price Range

In your search for renting a Condo in Yangon, first of all, it is important to inquire the location. It is reasonable that the price of the high-rise apartment complex is largely varied based on the districts. The unit for rent in suburb area today offers more affordable vertical residential units than the popular one in Hitachi Tower which situated at the corner of the Sulay Pagoda road and Bogoyke Aung San Road. Secondly, it will be useful to find out from the agent or the vendor, the number of particular types of rooms included in the unit. The types of room that condominium hunters can specify are bedrooms, master bedrooms, deluxe bedrooms, bathrooms, and toilets.

It would be wise to inquire whether the location of the condominium has easy access to the Airport, Railway, Bus-stop, Hospitals, Schools, and Markets. In the purchasing of a Condo in Yangon City, it might be possible to bargain the rental price. Once a possible buyer shows the interest in the properties, declare and insist for a lower price, it is possible that the vendor will reduce the price because Myanmar has a long stand tradition of bargaining culture. A normal price range for renting condominium in popular locations like Sanchaung and Bahan could range from 23 lakhs (approx.2300USD) to 25 lakhs (approx. 2500 USD) per month as of market price for 2014.

Photographs by Modern Living Room Interior & Elimoqi(Flickr)

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