Home MMBIZ News Housing Demand in Outer Yangon on the Rise

Housing Demand in Outer Yangon on the Rise

Townships on the outskirts of Yangon are becoming more attractive to property hunters, as rising property prices have locked many out of the real estate market in the city centre, a property website said.

New figures released by House.com.mm show there has been a 47 percent increase in those looking for real estate in the outer townships over the last six months.

The most searched locations outside of the city centre were North Okkalapa, South  Okkalappa,  Hlaingtharyar  and  Shwe  Pyithar townships.

Ko Maung Maung Tin, from Real Link Real  Estate  Agency,  said:  “These  figures  come  as  no  surprise because the prices of property in the downtown area are so high and also the  city is crowded with people.”

An  increasing  number  of   people  from  rural  areas  are  moving  to Yangon in search of better working and education opportunities, pushing up demand for real estate in the city. At the same time, many international firms are now setting up business in Yangon and seeking housing for their employees.

The high demand for housing is pushing up property prices, which has put renting or buying real estate in the city centre out of reach for many.

“Many people who can’t buy a house  in  downtown  townships,  can  afford  one  in  the  outskirt townships,” Ko Maung Maung Tin said.

He added that his business has seen a huge increase in the number of people looking for property in the outer townships in recent months, with inquiries for the outer suburbs increasing up to 60 percent.

As more people settle in these outer townships, the standard of living in these areas has increased. With roads and communication infrastructure improving, commuting between different areas within Yangon has also become easier. At the same time, the affordable cost of buying a car makes living in the outer townships more attractive.

Jan Sommerfeld, country manager of House.com.mm, said: “For myself, I also choose to live outside of the downtown area. Rather than living in an apartment in the city centre, moving to the outer townships means I have much more space and can live in my own house.”

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