Myanmar is full of opportunities these days and this is evident from a number of big brands such as Jockey, entering the market. Yangon, the capital of Myanmar is the commercial center and epicenter for developments taking place in the country. Yangon is one place experiencing a boom in the property values due to increased demand, in which prices are comparable to Manhattan.
So, before moving to Myanmar, whether you staying for a project or traveling as an tourist, visitors should know the real estate market is quite different from what you may be accustomed to. In fact, the overwhelming demand and supply in Yangon can make finding a suitable place a challenge, let alone the fact it may not be affordable, especially if you are considering the best locations to rent a house in Myanmar’s popular areas.
Here are some factors you should keep in mind when looking to rent a home in Myanmar.
Have lots of Cash
A proposed bill in parliament will allow foreigners to purchase apartments and condominiums in Myanmar. Your last resort may be to rent a house in Myanmar and succumb to a landlord’s rule. With little guidance and opaque laws, the real estate market does not seem to favor foreigners right now.
As far as rental terms are concerned, the maximum lease agreement is 12 months. In addition to this, given the country’s economic conditions and disconnected banking systems, landlords can ask for full payment prior to moving into the home. If faced with this dilemma, foreigners need a large amount of cash.
Find a reliable and trustworthy broker
Land and property are individually owned, but there are instances when ownership may own both entities. Thus, foreigners should perform due diligence before signing the lease to prevent potential issues.
If you are unfamiliar with Myanmar’s real estate laws and regulations, look for an experienced and reliable broker to assist you. A broker will work in your best interest and facilitate the transaction. They will also help you verify the ownership documents and minimize the legal risks.
How safe is a rental space in Myanmar?
Fortunately, the crime rate in Myanmar is relatively low as compared to nearby countries. If you choose to rent a house in Myanmar’s upper end areas, assuredly safety is no concern. However, you should take precautionary measures to ensure you don’t become a victim of frequent theft and burglary crimes.
Despite the negative and cumbersome rental process Myanmar is full of potential and opportunities. Like any emerging market, it comes with risks and reward.