Condo Rental Market Continues to Rise

After prices were set per square feet in Yangon Region’s property market, the real estate market has cooled, yet the renting market remains high, particularly for condominiums, according to real estate agents in the city.
“The ratio of condominium residents is now higher than the number of condominium apartments available,” said Daw Mo Mo Aung of Win Shwe War Real Estate. “When the demand for properties is higher than the supply, apartments owners can charge whatever they want. Therefore, the rental price for condominiums is skyrocketing and doesn’t seem like coming down,” she added.
Local entrepreneurs are also seeing the opportunities on offer in the condominium industry and those who were previously in the automobile market are moving towards real estate and condominium because of the new opportunities on offer, according to Daw Marla, from Shwe Marlar Real Estate.
Shwe Hinthar Condominium on Pyay Road fetches about $4500 per month for rental and apartments are for sale for between K700 and K800 million ($700,000 to $800,000), while at Pearl Condominium rentals are $2,000 and purchases K350 million ($350,000).
After the square foot price has been allotted, investors purchase lands from the projects being built by state authorities and often can wait for the price to rise on the land they bought.
The government is currently discussing the Condominium Law to come, where it is expected foreigners will be allowed to purchase their own condominiums.