Myanmar is full of potential for anyone today as global brands continue to stream in into one of the last frontiers in the commercial world. One of Myanmar’s commercial centers, Yangon has particularly, seen a boom in property value as some office space and houses are now much more expensive compared to spaces in Manhattan and other areas.
Before sending your money or moving to Myanmar, regardless of whether you are travelling there to work or visit, you should know that the real estate market is probably different from what you are accustomed to. Demand has, for instance, overwhelmed supply in the best locations in Yangon; therefore, finding a suitable house to rent can be a tricky. Here are factors that you should highly consider if you are planning to board the next plane, and would want to rent a house in Myanmar.
Careful planning and unnecessary delays
When it comes to acquiring property, entering the Myanmar market needs a balance of swiftness and careful considerations. The leasing activity is fluid; therefore some properties may be leased very quickly. Finding a real estate partner, who is reputable, can be of huge benefit in helping you navigate the property acquisition process and giving you advice as to which property represents good value. Additionally, real estate partners will help you act swiftly with due diligence, particularly if your requirements are specific and time sensitive.
As part of your planning, take time, therefore, to scope the real estate requirements, understand the market basics and find a local trusted agent to work with to identify as well as view and assess the suitability of the available houses to rent.
Prepare your checklist
As a potential tenant, it is up to you to drive the search for the perfect house to rent in Myanmar. The more you are precise with your requirements and scope, the best Myanmar agent can help you narrow down the housing options available to fit your needs and budget. While the agent will work with you in refining the criteria based on house market realities in Myanmar, you will find the process quite more productive if you know exactly the kind of house you want to rent.
House location – a deal breaker
Yangon, for instance, is increasingly becoming congested, even rivaling Bangkok and Jakarta when it comes to traffic congestion. A drive that took only 20 minutes some few years back may sometimes take up to two hours today. This means that, renting a house in a bad location could be a deal breaker. For residential and commercial properties, it is vital to know the proximity to the office, amenities, clients and even the airport. Therefore, it is important to consider the location you want to rent a house in Myanmar for your own conveniences.
Myanmar’s perception internationally as a treasure trove opportunity for foreign investors has garnered tremendous attention over the past few years. But as demand for houses to lease in Yangon particularly surges, a severe supply shortage of appropriate houses has led to increase in rental asking prices. It can be easier, but wrong to conclude that there are no sustainable residential houses for rent in Myanmar left, or those available are at unrealistic prices, but with the above considerations, you can access a convenient house to rent in Myanmar quite easily.