Yangon Real Estate Dynamics: Rental Market Resilience Amidst Shifting Landscapes?
Yangon (15/04/24)
The real estate landscape in Yangon has experienced a notable shift, with the sales market exhibiting a downturn while the rental sector remains vibrant, primarily attributed to the influx of internally displaced persons stemming from conflicts within Myanmar. According to authorities, despite a freeze in the overall real estate market, rental activities persist due to this demographic movement.
Since March 2024, property prices, particularly in four Dagon Townships, have been on a decline. However, the rental market for apartments continues to thrive amidst this trend. Daw Moh Moh Aung, the chairperson of the Myanmar Real Estate Service Association (MRESA), noted that while the sale market has been subdued since before March, the rental sector has maintained stability and continues to operate without disruption.
This buoyancy in the rental market can be attributed to the relocation of individuals fleeing conflict-ridden areas of the country. With a population of 56 million, the majority of Myanmar’s inhabitants reside peacefully under the current governmental administration. However, due to reported human rights violations and persecutions in rebel-held territories, many opt to seek refuge in more stable regions, contributing to the sustained demand for rental accommodations in Yangon.
About The Author
