RENTAL costs for serviced apartments in Yangon region have declined by three to seven per cent, according to the 2018 fourth quarter (October-December) market report issued by Collier International (Myanmar), a Canada-based real estate service agency.

The Kantharyar Serviced Residences located in Mingalar Taungnyunt Township, Yangon, entered the market in the fourth quarter of 2018. Therefore, the number of serviced apartments increased to 14 per cent. Currently, there are 2,240 serviced apartments in the Yangon Region.

The agency expects the number of apartments to increase to 16 per cent in the next three years. Around 10 projects with 2,400 apartments are being implemented from 2019 to 2021.

The market for serviced apartments is a high-end user market. So, most of the people want to rent affordable serviced apartments. People prefer to rent small apartments with one or two bedrooms. Additionally, penthouses have been more marketable recently.

The number of serviced apartments is expected to increase in Yangon Region. The real estate agency forecasts that there will be around 3,000 apartments by 2020 and 4,800 apartments by 2022.— GNLM (Translated by Hay Mar)