Myanmar’s Condo Market is Alive and Well: Here’re a Few Things to Consider before Buying or Renting
Myanmar’s real estate market is going through a growth spurt. Properties and commercial businesses are being built in the countries’ major cities. Perhaps the most lucrative aspect of this thriving market is condos. This is major news for foreigners because they used to not be able to purchase condos in Myanmar, but thanks to a new law this should no longer be the case. Shopping for condos online is perhaps the best way to research them, and websites providing these services are up and running. Here are a few tips to keep in mind before starting this exciting adventure.
Should I Buy or Rent?
The choice to buy or rent a condo in Myanmar is a personal preference. There are perks to both options, but the thing to consider is whether you want to invest in a long-term stay in the country or just test the waters to see if you like it. Investing long term almost guarantees a more expensive investment, but as the saying goes, you have to spend money to make money, and investing in the real estate boom in Myanmar is a good bet. Renting a condo should not be left unconsidered though, as there are plenty of options available. Most leases are twelve months and usually payments are made in cash. If you do decide to rent a condo make sure you do your research and read over the lease agreement carefully.
What Are the Costs?
Myanmar’s condo and housing prices are on the rise and have been for a number of years. This is not necessarily a good or a bad thing. It’s simply how the market works, and there are pros and cons to it, but nothing to get nervous about. There are many condos for sale in Myanmar, and their prices are determined by the usual factors, such as where the condo is located, how big is it, and its amenities. Without getting into too much detail, the best advice is to find a trusted local real estate broker who is familiar with Myanmar’s laws and customs. This is crucial for anybody considering buying or renting a condo in Myanmar. There are websites that can help you with this process, and using them is more than likely the best route to take in finding a broker.
Myanmar, especially its urban centers, is densely populated. Before buying or leasing a condo, make sure to research local traffic patterns because, as in any other major city, there can be delays. Understanding the distances between your future home and key locations such as airports, grocery stores, and hospitals will save you time and energy.
Plenty of Opportunities
There is no doubt that the condo market in Myanmar is an exciting prospect for future buyers. As with any major purchase, there are risks and things to consider before buying a condo, but thankfully, there are websites that offer help and information to guide you.