Authored by the expert who managed and guided the team behind the Myanmar Property Pack
Everything you need to know before buying real estate is included in our Myanmar Property Pack
Myanmar's property market faces a complex outlook shaped by political instability and economic challenges.
Despite ongoing volatility, certain urban areas show resilience with Yangon maintaining average condo prices around $1,600-1,700 per square meter as of September 2025. The market continues to attract interest from buyers seeking hard assets amid currency devaluation, though foreign investment remains limited due to regulatory restrictions and political risks.
If you want to go deeper, you can check our pack of documents related to the real estate market in Myanmar, based on reliable facts and data, not opinions or rumors.
Myanmar's property market shows mixed signals with modest price growth in major cities but significant political and economic headwinds affecting overall investment climate.
While rental yields remain attractive at 6-7% in key cities, the market faces challenges from limited foreign participation, restricted ownership rights, and ongoing instability that creates uncertainty for long-term investment prospects.
| Market Indicator | Current Status (2025) | Outlook |
|---|---|---|
| Average Price per sqm | Yangon: $1,600-1,700 | Modest growth 2-5% annually |
| Rental Yields | Yangon: 7%, Mandalay: 6-7% | Stable but competitive pressure |
| New Unit Supply | 40,000-50,000 units annually | Oversupply in luxury segment |
| Foreign Investment | Below 5% of transactions | Limited by restrictions |
| Market Size | $1.5 billion USD (2025) | Growth to $2.27B by 2030 |
| GDP Growth Impact | 1.1-1.9% projected 2025 | Modest economic recovery |
| Urban Population Growth | 9 million by 2030 | Strong housing demand driver |
What are current property prices per square meter in Yangon, Mandalay, and Naypyidaw, and how have they changed over the past 5 years?
Property prices in Myanmar's major cities have experienced dramatic volatility over the past five years, with explosive growth in 2021-2022 followed by more modest increases since 2023.
As of September 2025, average prices per square meter for new condominiums are around $1,600-1,700 in Yangon, $1,200-1,300 in Mandalay, and $1,000-1,100 in Naypyidaw. Yangon prices have roughly doubled over the past five years, with typical 60-square-meter condos now selling for $95,000-$100,000.
Mandalay property remains 20-30% cheaper than Yangon but has experienced faster annual appreciation, averaging 5-6% annually since 2023. The city benefits from growing infrastructure investments and its position as an emerging economic hub in northern Myanmar.
Naypyidaw continues to show the most subdued growth with modest price increases of 2-4% annually, reflecting its role as an administrative capital with less commercial activity than the other major cities.
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How many new residential and commercial units are being built annually, and how does this compare to actual demand?
Myanmar's construction sector delivers an estimated 40,000-50,000 new residential units annually across major cities, but supply often falls short of actual demand in key segments.
Government targets are frequently unmet, with only 7,000-20,000 units actually delivered per year versus much higher demand, especially in Yangon. This supply-demand imbalance has contributed to sustained price pressure in the affordable and mid-range housing segments.
Commercial space, particularly Grade A offices and retail, has seen extensive new supply post-2020, actually outpacing organic demand and contributing to higher vacancy rates. The office market has been particularly affected by reduced corporate demand following political changes.
While demand remains strong among renters and buyers for affordable and mid-range housing, oversupply exists in high-end and luxury segments. This creates a two-tier market where affordable housing remains scarce while luxury developments struggle with absorption.
What are current rental yields in Yangon and Mandalay compared to regional cities like Bangkok?
| City | Gross Rental Yield | Property Type |
|---|---|---|
| Yangon | 7.0% | Residential condos |
| Mandalay | 6.0-7.0% | Residential condos |
| Bangkok | 6.0% | Central condos |
| Ho Chi Minh City | 5.5-6.5% | Central condos |
| Manila | 4.5-5.5% | Central condos |
| Singapore | 3.0-4.0% | Central condos |
| Jakarta | 5.0-6.0% | Central condos |
How many foreign buyers are active in Myanmar's property market and what percentage of transactions involve overseas capital?
Foreign participation in Myanmar's property market remains extremely limited due to strict ownership restrictions and political risks.
Foreign buyers represent a small minority of property transactions, with most formal purchases conducted by Myanmar citizens due to tight restrictions. The share of transactions involving foreign capital is estimated below 5% for residential properties, though slightly higher for commercial and industrial projects through foreign direct investment structures.
The Condominium Law permits up to 40% of units above the sixth floor to be sold to foreigners, but actual foreign participation rates remain modest due to regulatory hurdles and political risk. Many potential foreign investors have been deterred by the complex legal framework and uncertain political environment.
Foreign investment that does occur typically involves joint ventures with local partners or investment through corporate structures rather than direct individual ownership.
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What are current vacancy rates for office buildings and residential condos in Yangon?
Yangon's property market shows a clear divide between commercial and residential vacancy rates as of September 2025.
Office vacancies in Yangon stand at 20-25% for Grade A space, up dramatically from single-digit rates pre-2020, driven by oversupply and weak corporate demand. The commercial real estate sector has been particularly impacted by reduced business activity and corporate cost-cutting measures.
Mid-range residential occupancy remains strong at 85% or higher, but luxury and serviced apartments show higher vacancy rates, especially in downtown areas. This reflects continued demand for affordable housing while premium segments struggle with absorption.
Serviced apartments in Yangon had approximately 72% occupancy in 2020, improving to 85%+ for mid-range properties by 2024-2025 as new arrivals increased. The recovery in residential occupancy reflects some stabilization in population movement and rental demand.
How many property transactions were registered last year and what was the total market value?
Myanmar's property transaction data remains limited due to informal market practices and incomplete official recording systems.
The residential market size is estimated at $1.5 billion USD in 2025, up from $1.37 billion in 2024. This represents steady growth despite political and economic challenges affecting the broader market.
Official data on total property transactions is limited, but new project launches and condo transfers have increased, driven by urbanization and internal migration. Many transactions still occur through informal channels that don't appear in official statistics.
The Myanmar Residential Real Estate Market is projected to grow at a CAGR of 8.63% to reach $2.27 billion by 2030, though this growth projection may be optimistic given current political uncertainties.
What has been the average annual growth rate of land values and what are projections for the next 5 years?
Land price appreciation in Myanmar has shown significant volatility, with growth patterns varying considerably across different time periods and locations.
Over the past decade, urban land prices have increased by an average of 7-10% annually, though growth has slowed significantly since 2022. The early period of this decade saw much higher appreciation rates driven by economic opening and foreign interest.
Medium-term projections for 2025-2030 suggest modest annual appreciation of 5-8%, with highest growth expected in Mandalay and Yangon's outlying suburbs due to infrastructure expansion and population growth. These projections assume gradual political and economic stabilization.
Prime urban locations continue to outperform suburban and rural areas, with infrastructure development and connectivity improvements serving as key drivers of land value appreciation.
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How large is the mortgage market and what are average interest rates offered by banks?
Myanmar's mortgage market remains underdeveloped compared to regional peers, with limited products and restrictive lending standards.
Myanmar's mortgage market is small and underdeveloped compared to regional peers, with strict lending standards and limited products available. Most property purchases continue to rely on cash transactions or informal financing arrangements.
Outstanding housing loan value is low relative to GDP, with interest rates on mortgages typically ranging from 10-15% for secured lending, reflecting currency and credit risk. The central bank has set maximum rates at 10% for secured lending, though actual rates can vary significantly based on borrower profiles and collateral.
Limited banking infrastructure and strict collateral requirements continue to restrict mortgage availability, particularly for first-time homebuyers and those seeking to purchase in secondary cities.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Myanmar versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
What is the estimated urban population growth and how does this translate to housing demand by 2030?
Myanmar's rapid urbanization continues to drive strong housing demand despite political challenges, with major cities expected to see substantial population increases by 2030.
Yangon and Mandalay's combined metropolitan populations will rise from 6-7 million in 2020 to over 9 million by 2030, representing more than 50% growth in cities with over 1 million residents. Myanmar's urban population is expected to hit 20.4 million by 2030, up 37% from 2014 levels.
Yangon's population alone is expected to hit over 5.9 million by 2025, with this surge largely due to people moving to the city, often escaping civil unrest, creating a housing crunch and pushing rents higher. This internal migration pattern continues to put pressure on urban housing markets.
This demographic shift fuels strong ongoing demand for urban housing, especially affordable and mid-market types that can accommodate the growing urban workforce and displaced rural populations.
How many infrastructure projects are underway and how will they impact nearby property prices?
Several major infrastructure projects remain active in Myanmar despite political challenges, with potential significant impacts on adjacent property values.
Major infrastructure projects underway include new highways, upgraded rail connections (particularly the Yangon-Mandalay route), airport expansions, and new industrial zones. These projects continue despite political instability, driven by economic necessity and existing contractual commitments.
Such infrastructure projects are expected to boost land and property prices by 10-20% in adjacent areas over the medium term, as connectivity and economic activity expand. However, the timeline for completion and full impact may be delayed due to current conditions.
Yangon's outer suburbs are becoming more attractive thanks to new infrastructure projects, with improved transportation links making previously remote areas more accessible to both residents and businesses.
What are current foreign ownership restrictions and how much FDI has flowed into real estate?
Myanmar maintains strict foreign ownership restrictions while allowing limited participation through specific legal structures.
Foreigners may lease land for up to 50 years or buy up to 40% of units in registered condominiums, but direct land and house ownership remains prohibited for foreign nationals. These restrictions significantly limit foreign participation compared to other ASEAN markets.
Real estate FDI has remained limited but stable, with approximately $100-200 million annually over the last three years, concentrated in hospitality, commercial, and some residential development projects, mostly through joint ventures. Political instability has deterred larger-scale foreign investment flows.
Ongoing policy debates exist regarding potential liberalization of foreign ownership rules, but concrete changes remain uncertain given the current political environment.
It's something we develop in our Myanmar property pack.
What are World Bank and IMF projections for Myanmar's GDP growth and how does this correlate with property market outlook?
International financial institutions project modest GDP growth for Myanmar, though with significant uncertainty due to ongoing political and economic challenges.
The Asian Development Bank projects Myanmar's GDP growth at 1.1% in 2025 and 1.6% in 2026, while the IMF projects 1.9% real GDP growth for 2025. The World Bank expects Myanmar's GDP to contract by 1% in the fiscal year ending March 2025, showing disagreement among international institutions.
Historically, strong GDP growth correlated with rapid property appreciation (pre-2021), but the recent disconnect—stagnant GDP but resilient property prices—reflects hard-asset demand amid inflation. Property has served as a hedge against currency devaluation and economic uncertainty.
Future property price growth will depend heavily on economic and political stabilization, with the market's performance increasingly detached from traditional economic fundamentals due to its role as a store of value during uncertain times.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Myanmar's property market presents a complex investment landscape with both opportunities and significant risks that require careful consideration.
While urban markets like Yangon and Mandalay show resilience with attractive rental yields and continued demand from local buyers, political instability and economic uncertainty create substantial headwinds that could impact long-term returns and liquidity for property investors.
Sources
- 18 strong forecasts for real estate in Myanmar in 2025 – Bamboo Routes
- Real Estate - Myanmar | Statista Market Forecast
- Will real estate prices in Myanmar go up in 2025?
- 7 statistics for the Myanmar real estate market in 2025 – Bamboo Routes
- Myanmar Residential Real Estate Market Size 2025-2029
- Myanmar Residential Real Estate Market Analysis | Trends, Growth, Size & Industry Forecast Report
- 19 strong trends for 2025 in the Myanmar property market – Bamboo Routes
- Myanmar: Economy | Asian Development Bank
- Myanmar and the IMF
- Compounding crises hit Myanmar's economy and its people