Foreigners prefer stand-alone houses over condos, estate agents say

Foreigners are expressing a preference for renting detached houses rather than condominiums or apartments, as catering to foreign clients becomes a growing market for Myanmar real estate agents.

Detached houses are appealing to their foreign clients who are more concerned that the house is well built and well decorated than with how impressive the location is, they say.

“The customers like the house’s decoration more than the township and its prosperous places. But many rent the house that is near their work and so they can drive there in less than 30 minutes,” said Ko Htoo Myat Naing from the Real Estate Co.

The influx of foreigners has led many local real estate agents to work to discover their preferences, aiming to serve what is seen as a wealthy and growing population segment.

A detached house’s rental price can range widely depending on size, quality and location. Real estate agents say many Yangon houses sit between K1 million and over K10 million per month at present.

The Yangon property market saw prices rise dramatically in recent years, though it has lost some steam in 2014.

Although a number of factors have been pointed to as slowing the Yangon property market since the start of the year – including prices climbing too high, government efforts to enforce taxes on property transfers and fears the market is in a bubble – Mya Pan Thakin real estate agent Ko Min Min Soe said he reckons the weather is having a dampening effect on the market.

“The detached house rental market is better than the last six months but now the rainy season starting, so the market is cold. Nobody can move house in the rainy season,” he said.

Source: Myanmar Times

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