ACCORDING to residents and sources from the property industry, buying and selling activities have been slow, however rent market has been active in Yangon.
The active rent market is a result of people who moved to Yangon as they prefer rented property either separate houses or apartments, rather than buying, said an estate agent. Only some people who really need to live are buyers, he said.
“Rather than buying and selling, rents have been active. It is not hard to find another tenant when former one left. Rented apartment rooms, both lower and higher floors, can get tenants easily. Young people can live at higher floors by sharing with friends but some families who have older people prefer lower floors or separate houses. However, rent prices are also high depending on the location. Most people can’t afford buying a house so only those who can afford and really need to live buy houses,” he said.
With increased tenants, rent prices have also risen-even a high floor costs nearly K400,000 and most are six-month or a year contract, said tenants. A Yangon resident said they have put their own room up for sale through an agent, but they can’t find a buyer so far.
In most of the townships even in suburban wards, real estate rents have increased and rent prices have been high too, said sources. — MT/ZS
