Real Estate in Myanmar
Last updated on Jan 03, 2024
Summary: An expat looking to buy a home in Myanmar should begin by researching the local real estate market. It is important to understand the local laws and regulations regarding foreign ownership of property, as there are restrictions in place. Expats should also consider their budget and the type of amenities they are looking for in a home. Foreigners are allowed to own property in Myanmar, but there are restrictions in place. Foreigners are not allowed to own land, but they can purchase condominiums and apartments. Foreigners are also not allowed to own more than 40% of the units in a condominium building. Homes in Myanmar typically include basic amenities such as running water, electricity, and internet access. Some homes may also include air conditioning, a swimming pool, and other luxury amenities. Expats should research the local real estate market to find out what amenities are available in the area they are looking to buy in.
How do I find a place to live in Myanmar?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Finding a place to live in Myanmar can be a challenge, but there are a few options available. One option is to look for rental properties online, such as on websites like Myanmar Real Estate or Myanmar Property Exchange. You can also look for rental properties in newspapers or magazines, or contact a local real estate agent. Additionally, you can look for rental properties in person by visiting local neighborhoods and asking around. Finally, you can also look for shared housing options, such as hostels or guesthouses, which can be a great way to save money while living in Myanmar," said one expat in Myanmar.
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What is a typical expat home or apartment like in Myanmar?
"Expat homes and apartments in Myanmar tend to be modern and comfortable, with air conditioning, internet access, and other amenities. Many expats choose to live in gated communities, which offer a greater sense of security and privacy. Expat homes and apartments are often located in the city center, close to restaurants, shops, and other amenities. Expats may also choose to live in more rural areas, where they can enjoy the natural beauty of the country," explained one expat living in Myanmar.
What is the average cost of housing in Myanmar?
If you are thinking about moving to Myanmar, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Myanmar varies greatly depending on the location and type of housing. Generally, housing in urban areas tends to be more expensive than in rural areas. Prices for apartments and houses in cities such as Yangon and Mandalay can range from a few hundred dollars to several thousand dollars per month. In rural areas, the cost of housing is usually much lower, with basic housing often costing less than $100 per month," remarked one member in Myanmar.
Should I buy or rent a home in Myanmar?
If you have not spent a lot of time in Myanmar, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"When deciding whether to buy or rent a home in Myanmar, it is important to consider your budget, lifestyle, and long-term plans. Buying a home can be a great investment, as it can provide you with a stable place to live and the potential for appreciation in value. However, it can also be a large financial commitment, requiring a down payment and ongoing mortgage payments. Renting a home can be a more affordable option, as it typically requires a smaller upfront cost and no long-term commitment. Additionally, renting can provide more flexibility, as you can move more easily if your circumstances change. Ultimately, the decision to buy or rent a home in Myanmar should be based on your individual needs and preferences," said one person in Myanmar.
What do I need to know when buying property in Myanmar?
When we asked expats what advice they would give a foreigner before buying a property in Myanmar, they said:
"1. It is important to research the local laws and regulations regarding property ownership in Myanmar before making any purchase. 2. It is advisable to hire a local lawyer to assist with the purchase process and to ensure that all legal requirements are met. 3. It is important to ensure that the property is free from any encumbrances or liens before making a purchase. 4. It is important to obtain a title deed for the property, which will provide evidence of ownership. 5. It is important to be aware of the taxation requirements for property ownership in Myanmar. 6. It is important to be aware of the local customs and traditions when purchasing property in Myanmar," said one foreigner living in Myanmar.
Are foreigners allowed to own property in Myanmar?
When we asked expats what advice they would give a foreigner before buying a property in Myanmar, they said...
"Foreigners are not allowed to own property in Myanmar. However, they are allowed to lease land for up to 50 years, with the option to renew the lease for another 50 years. Foreigners are also allowed to own condominiums in Myanmar, but they must be purchased through a Myanmar citizen or company. Additionally, foreigners are not allowed to own agricultural land in Myanmar," said one expat in Myanmar.
What appliances are typically included in a rental?
We asked foreigners in Myanmar what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Myanmar typically include a refrigerator, stove, and washing machine. Other common appliances may include a microwave, air conditioner, and water heater. Furniture may also be included in some rental properties," said one in Myanmar.
Additional Information about Searching for a Home in Myanmar:
We asked foreigners in Myanmar what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats can search for homes in Myanmar by looking online for real estate listings, contacting local real estate agents, and asking other expats for recommendations. They can also search for rental properties on websites such as Airbnb and Craigslist. Additionally, expats can look for housing in newspapers and magazines, or attend expat-oriented events to network and find housing opportunities," explained one person living in Myanmar.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
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- What appliances are typically included in a rental?