Myanmar has a booming property market and renting a condo in Yangon is increasingly becoming difficult. The rules and regulations that apply to hiring an apartment around here are slightly different from what we’re used to in the west. Note that Yangon does not have an established mortgage system and so most property owners ask for full payments before you’re allowed in.
How to find a condo
If you want to rent a condo in Yangon, your best bet is to find a reliable agent. Most property owners don’t market their apartments themselves. Condo property agents run highly intuitive websites that help you to compare prices for different condos available. They charge a small fee for these services though. You can expect to part with an average of 10% of the annual amount for booking the condo as agent fee.
What’s the price?
Prices for condos in Yangon vary with location and size of the building. A small condo goes for $1200 per month. A big, luxurious Condo with 2 master bedrooms, 1 dining room, 1 kitchen, 2 washrooms, measuring about 1700 square feet costs about $3000 per month. A medium-class condo with Wi-Fi, 1 washroom and a spacious kitchen, measuring 1250 square feet goes for an average price of $1500 month. Unlike in the west where you pay monthly rent, Yangon landlords only accept full year payments (That is including high end condos which cost $15 million or more to buy). The lenient ones will accept half year payments. All payments are made in cash because Myanmar does not have an established banking system.
Is quality guaranteed?
All condos in Yangon are not built equally. A significant number of these are well built and furnished with latest amenities. There are however a few which are not really worth their salt. The best way to ensure that you’re renting a good condo in Yangon is to get in touch with a reliable agent who is familiar with the Burmese property market. Don’t try to do it yourself because you might end up with a poor quality shell that needs significant work to be brought up to a habitable standard.
What’s the security situation?
Yangon, and indeed most of Myanmar, is relatively secure. Very few cases of criminal activities are reported. However, as the city grows in leaps and bounds, there’s a huge risk petty criminal cases on the rise. Just to be safe, ensure you hire a condo that is located within a safe suburb. Nice condo’s are the one’s with 24 hour security, with good quality doors and highly secure safes where you can keep all your documents and cash safely.
Traffic in most corners of Yangon moves smoothly. However, before you rent a condo in Yangon, it is important to think about the future. You don’t want to live in a condo that is more than 20 minutes from the CBD because this could increase to 1 hour as traffic builds up with time.
Those are the most important facts to consider when renting a condo in Yangon. Hope you’ll find a nice apartment that will make your stay in this great city interesting and peaceful.