Housing prices soaring in downtown Yangon

The property value in downtown Yangon is rocketing, some real­tors told The Global New Light of Myanmar (GNLM).


The rent for apartments in Lanmadaw and Latha townships is approximately K300,000 per unit in minimum. In mid-2022, the 12-foot by 50-foot apartment on the fourth floor was estimat­ed at K70 million. At present, the market value reaches K90 million.


The sales price for the 8th-floor apartment is around K60 million, Ko Kyaw Win, an owner of the apartment in Latha Town­ship, told the GNLM.


The six townships in the central part of the commer­cial hub Yangon (Lanmadaw, Latha, Pabedan, Kyauktada, Botahtaung and Mingala Taung­nyunt) are easily accessible by different modes of transporta­tion. This is why it is a great op­tion to live in.


The 12-foot by 50-foot apart­ment was sold for K65 million in January. It was earlier transact­ed at K55 million in mid-2023. The apartment was sold again six months later, said the land owner of that apartment.


The apartment worth K55 million was renovated, spend­ing K5 million and resold. The apartment was offered at K38 million in 2022. The land owner of that apartment received two per cent of the transaction twice within six months.


Along with the rising sales price, the rent is sky-high. The 7th-floor apartment has been rented only at K200,000 per month for years. Ko Maung Win, who rented that apartment, was forced to move out in mid-2023 after the rent rose to K290,000.


The pure gold price hit K3.8 million per tical this month. So, investors tend to buy apart­ments. This way, the apartment prices were up by K20 million over the past one year. Also, the rent rose by at least K50,000. Those who stay in dormitories are facing a burden of high living costs as they have to use one-third of their low income K5,800 for housing, Ma Swe, who lives in a dormitory in Lanmadaw Township, stressed. — TWA/KK