Authored by the expert who managed and guided the team behind the Burma (Myanmar) Property Pack
Everything you need to know before buying real estate is included in our Myanmar Property Pack
Looking to understand what homes cost in Mandalay right now? You're in the right place.
We've gathered the latest property price data for Mandalay and broken it down in simple terms so you can make informed decisions.
This blog post is constantly updated to reflect current market conditions in Mandalay.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Mandalay.
Insights
- The median home price in Mandalay sits around 1,500 Lakhs (about $41,000), but the average jumps to 3,000 Lakhs ($82,000) because a handful of luxury properties pull the number up significantly.
- Buyers in Mandalay typically negotiate prices down by 10 to 15 percent from the asking price, so that listed 2,000 Lakh condo might actually close closer to 1,750 Lakhs.
- Central townships like Chanayethazan command price premiums of 3 to 4 times what you'd pay in outer areas like Pyigyitagon or Amarapura for similar square footage.
- Newer managed condos in Mandalay cost 25 to 40 percent more than older walk-up apartments, mainly because they include reliable power backup, elevators, and security services.
- Despite nominal Kyat prices rising about 20 percent over the past year, real buying power has actually declined slightly once you account for Myanmar's high inflation rate.
- Entry-level properties in Mandalay start around 200 to 500 Lakhs ($5,500 to $13,700), typically getting you a small older condo in Amarapura or a walk-up apartment in outer townships.
- The price per square foot in Mandalay ranges from about 80,000 Kyat in peripheral areas to over 1 million Kyat in prime central pockets, a spread of more than 12 times.
- Walk-up apartments and condos make up roughly 65 percent of Mandalay's residential market, while landed houses account for about 30 percent and luxury villas just 5 percent.
- Budget an extra 10 to 25 percent on top of the purchase price in Mandalay for stamp duty (up to 4 percent), registration fees, agent commissions, and potential renovation costs.
What is the average housing price in Mandalay in 2026?
The median housing price is more useful than the average because it represents what a typical buyer actually pays, without being skewed upward by a few expensive luxury properties.
We are writing this as of the first half of 2026 using the latest data collected from authoritative sources including the Central Bank of Myanmar, property portals like ShweProperty and FazWaz, which we manually verified and cross-checked.
The median housing price in Mandalay in 2026 is approximately 1,500 Lakhs (150 million Myanmar Kyat), which converts to about $41,000 or €35,000. The average housing price in Mandalay is higher at around 3,000 Lakhs (300 million Kyat), or roughly $82,000 / €70,000, because luxury properties pull the mean upward.
About 80 percent of residential properties in Mandalay in 2026 fall within a price range of 600 to 5,000 Lakhs, which translates to approximately $16,000 to $137,000.
A realistic entry-level budget in Mandalay starts at 200 to 500 Lakhs ($5,500 to $13,700 / €4,600 to €11,600), which can get you a small older condo around 45 to 85 square meters in Amarapura or a basic walk-up apartment in outer townships.
Luxury properties in Mandalay in 2026 typically range from 10,000 to 30,000 Lakhs ($274,000 to $740,000 / €232,000 to €627,000), and for that budget you can find a large renovated landed house of 220 to 300 square meters in prime central areas like Chanayethazan or Aungmyaythazan.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Mandalay.
Are Mandalay property listing prices close to the actual sale price in 2026?
In Mandalay in 2026, the actual sale price is typically about 12 percent lower than the asking price, meaning buyers generally negotiate 10 to 15 percent off listed prices.
This gap exists because market liquidity is uneven in Mandalay, with some sellers needing quick cash while others test high prices and wait for offers. The discount tends to be larger for properties that have been listed for several months or when sellers face currency uncertainty and want to close deals faster.
Get fresh and reliable information about the market in Mandalay
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What is the price per sq m or per sq ft for properties in Mandalay in 2026?
As of early 2026, the median price per square foot in Mandalay is approximately 160,000 Kyat ($44 / €37), which equals about 1,720,000 Kyat per square meter ($471 / €399). The average price per square foot is higher at around 240,000 Kyat ($66 / €56), or roughly 2,580,000 Kyat per square meter ($707 / €599), because premium properties push the mean up.
Newer managed condos in central Mandalay have the highest price per square foot because they offer reliable building services like backup power, elevators, and security, while older walk-up apartments in peripheral townships have the lowest rates due to maintenance concerns and weaker connectivity.
The highest prices per square meter in Mandalay in 2026 are found in Chanayethazan and Aungmyaythazan, where rates range from about 2.5 to 12 million Kyat per square meter. The lowest prices are in outer townships like Pyigyitagon, Amarapura, and Sintgaing, where you'll find rates between 800,000 and 2 million Kyat per square meter.
How have property prices evolved in Mandalay?
Compared to January 2025, nominal property prices in Mandalay have risen about 20 percent in Kyat terms. However, once you account for Myanmar's high inflation rate, real prices have actually declined slightly by around 5 percent, meaning buying power hasn't improved much.
Looking back 10 years to January 2016, nominal Kyat prices have increased roughly 500 percent, or about 6 times higher. In real inflation-adjusted terms, Mandalay property prices have risen about 40 percent over the decade, driven by urban land scarcity in core areas and limited supply of modern housing stock.
By the way, we've written a blog article detailing the latest updates on property price variations in Mandalay.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Mandalay.
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 types of properties are available in Mandalay and how do prices vary in 2026?
The Mandalay property market in 2026 breaks down roughly as follows: apartments (walk-ups and low-rise buildings) make up about 45 percent, condos (managed buildings) account for 20 percent, private landed houses represent 30 percent, and villas or premium compounds are just 5 percent, reflecting that most buyers seek affordable options in a market with limited modern stock.
Average prices by property type in Mandalay as of the first half of 2026 vary significantly. Apartments average around 1,200 Lakhs ($33,000 / €28,000), condos average about 1,600 Lakhs ($44,000 / €37,000), townhouses and landed houses average roughly 4,000 Lakhs ($110,000 / €93,000), and villas or luxury compounds average around 15,000 Lakhs ($411,000 / €348,000).
If you want to know more, you should read our dedicated analyses:
- How much should you pay for a house in Mandalay?
- How much should you pay for an apartment in Mandalay?
How do property prices compare between existing and new homes in Mandalay in 2026?
New or newer condos in Mandalay in 2026 typically cost 25 to 40 percent more than older walk-up apartments of similar size.
This premium exists because newer buildings bundle valuable features that reduce daily hassles, including working elevators, backup generators for Mandalay's unreliable power grid, security services, and dedicated parking, plus construction and import costs for building materials remain elevated due to ongoing supply constraints.
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How do property prices vary by neighborhood in Mandalay in 2026?
Chanayethazan is Mandalay's central commercial and residential hub, where you'll find modern condos and renovated houses priced between 2,000 and 8,000 Lakhs ($55,000 to $219,000). Prices are high here because of excellent connectivity, proximity to business areas, and the concentration of better services and amenities.
Aungmyaythazan is considered one of Mandalay's most prestigious neighborhoods, with higher-end houses and limited prime stock ranging from 3,000 to 15,000 Lakhs ($82,000 to $411,000). The premium reflects the scarcity of available land in this heritage-adjacent central area and its established reputation among wealthier buyers.
Pyigyitagon and Amarapura are outer townships where budget-conscious buyers can find properties ranging from 600 to 3,000 Lakhs ($16,000 to $82,000). Prices are lower here because properties tend to be older, connectivity to central Mandalay is weaker, and amenities are more limited compared to core areas.
You will find a much more detailed analysis by areas in our property pack about Mandalay. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Character | Price Range (Kyat / $) | Per sqm (Kyat / $) | Per sqft (Kyat / $) |
|---|---|---|---|---|
| Chanayethazan | Central / commute hub | 2,000-8,000 Lakhs / $55k-$219k | 2.2-6.5m / $600-$1,780 | 200k-600k / $55-$164 |
| Aungmyaythazan | Prestige / central | 3,000-15,000 Lakhs / $82k-$411k | 2.6-8.6m / $720-$2,360 | 240k-800k / $66-$219 |
| Maharaungmye | Family / mixed | 1,500-6,000 Lakhs / $41k-$164k | 1.7-4.7m / $460-$1,290 | 160k-440k / $44-$121 |
| Chanmyathazi | Family / growing area | 1,200-5,000 Lakhs / $33k-$137k | 1.6-4.3m / $440-$1,180 | 150k-400k / $41-$110 |
| Pyigyitagon | Value / outer | 600-2,500 Lakhs / $16k-$68k | 1.0-2.6m / $270-$720 | 90k-240k / $25-$66 |
| Amarapura | Value / larger plots | 600-3,000 Lakhs / $16k-$82k | 1.0-3.0m / $270-$820 | 90k-280k / $25-$77 |
| Patheingyi | Suburban / spacious | 700-3,500 Lakhs / $19k-$96k | 1.1-3.2m / $300-$880 | 100k-300k / $27-$82 |
| Sintgaing | Budget / peripheral | 400-1,800 Lakhs / $11k-$49k | 0.8-2.0m / $220-$550 | 70k-180k / $19-$49 |
| Myittha | Budget / peripheral | 350-1,500 Lakhs / $10k-$41k | 0.7-1.8m / $190-$490 | 65k-160k / $18-$44 |
| Kyaukse | Commuter / value | 450-2,200 Lakhs / $12k-$60k | 0.9-2.3m / $250-$630 | 80k-210k / $22-$58 |
| Pyin Oo Lwin | Lifestyle / hill station | 1,200-12,000 Lakhs / $33k-$329k | 1.5-7.0m / $410-$1,920 | 140k-650k / $38-$178 |
| Central Mandalay (prime) | Top-end / exclusive | 5,000-30,000 Lakhs / $137k-$740k | 3.5-12m / $960-$3,290 | 320k-1.1m / $88-$301 |
How much more do you pay for properties in Mandalay when you include renovation work, taxes, and fees?
When buying property in Mandalay in 2026, expect to pay an additional 10 to 25 percent on top of the purchase price to cover stamp duty, registration fees, agent commissions, legal costs, and potential renovation work.
For a property priced around $200,000 (about 7,300 Lakhs), you would typically add 12 to 18 percent in extra costs. That means budgeting an additional $24,000 to $36,000 (875 to 1,300 Lakhs), bringing your total outlay to roughly $224,000 to $236,000.
For a $500,000 property (about 18,250 Lakhs), similar percentages apply but renovation needs may be lower on premium stock. Budget an extra $50,000 to $100,000 (1,825 to 3,650 Lakhs) for a total of approximately $550,000 to $600,000.
For a $1,000,000 property (about 36,500 Lakhs), expect additional costs of $100,000 to $200,000 (3,650 to 7,300 Lakhs) depending on condition and whether significant renovations are needed. Your total budget should be around $1.1 to $1.2 million.
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Mandalay
| Expense | Category | Estimated Cost Range and Details |
|---|---|---|
| Stamp duty | Tax | About 2% of the property price, plus an additional 2% transfer duty that applies specifically in Mandalay, bringing the total stamp-related cost to around 4% (for example, 292 Lakhs or $8,000 on a 7,300 Lakh property). |
| Registration fee | Fee | Approximately 0.2% of the property price, covering the official recording of the transaction with government authorities (around 15 Lakhs or $400 on a 7,300 Lakh property). |
| Legal and due diligence | Service | Typically 0.3% to 1% of the purchase price, covering title verification, contract review, and document preparation. For a 7,300 Lakh property, budget 22 to 73 Lakhs ($600 to $2,000). |
| Agent or broker commission | Service | Usually 1% to 3% of the sale price, depending on the deal complexity and whether both buyer and seller use agents. Expect 73 to 219 Lakhs ($2,000 to $6,000) on a 7,300 Lakh purchase. |
| Basic renovation (paint, minor repairs) | Renovation | Around 3% to 7% of the property price for cosmetic updates like repainting, fixing minor damage, and basic cleaning. Budget 219 to 511 Lakhs ($6,000 to $14,000) on a 7,300 Lakh home. |
| Full renovation (kitchen, bathroom, electrical) | Renovation | About 8% to 15% or more of the property price for comprehensive upgrades including new kitchen and bathroom fixtures, rewiring, plumbing updates, and flooring. Budget 584 to 1,095 Lakhs ($16,000 to $30,000) on a 7,300 Lakh property. |
We made this infographic to show you how property prices in Myanmar compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in Mandalay in 2026 with different budgets?
With $100,000 (about 3,650 Lakhs) in Mandalay in January 2026, you could buy a spacious existing apartment around 220 square meters in Pyigyitagon, a modern condo of about 90 square meters in central Chanayethazan, or a small existing landed house of 160 to 200 square meters in Chanmyathazi.
With $200,000 (about 7,300 Lakhs), you could purchase a renovated family landed house around 220 square meters in Maharaungmye, a premium newer condo of about 120 square meters in central Mandalay, or a larger plot with an existing house in Amarapura.
With $300,000 (about 10,950 Lakhs), your options include a high-end renovated landed house in the prestigious Aungmyaythazan township, a top-spec luxury condo around 130 square meters in Chanayethazan, or a lifestyle home with a larger garden in the hill station town of Pyin Oo Lwin.
With $500,000 (about 18,250 Lakhs), you can access Mandalay's prime market segment, including large central landed houses in the best neighborhoods, luxury villa-style compounds in Aungmyaythazan, or top-tier properties in the scenic Pyin Oo Lwin area.
With $1,000,000 (about 36,500 Lakhs), you're entering Mandalay's thin high-end market where you could acquire a prime central mansion-grade landed home, build a portfolio of two premium condos, or purchase a high-end villa with a substantial plot.
With $2,000,000 (about 73,000 Lakhs), the Mandalay market becomes very niche with few public listings. At this level, deals are often private and off-market, and you could potentially acquire an ultra-prime multi-structure compound, a small portfolio of 3 to 5 rental properties, or custom-build on prime land with premium specifications.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Mandalay.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Mandalay, we always rely on the strongest methodology we can ... and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Central Bank of Myanmar | This is Myanmar's central bank publishing official exchange rate data used by financial institutions nationwide. | We used the Market Trading Rate to convert all Kyat prices to dollars and euros. We also used the EUR cross-rate to ensure currency conversions remained internally consistent. |
| IMF World Economic Outlook | This is the IMF's flagship macroeconomic dataset used by governments and central banks worldwide for economic planning. | We used IMF inflation data to calculate real versus nominal price changes over time. We applied these figures to adjust historical price comparisons for Myanmar's high inflation environment. |
| Myanmar Central Statistical Organization | This is Myanmar's official government statistics agency responsible for publishing national economic indicators. | We used it to verify that official CPI measures exist and to cross-check that inflation is a major driver in Kyat-denominated price movements. |
| World Bank Myanmar Economic Monitor | This is a World Bank country publication summarizing on-the-ground economic conditions from expert analysts. | We used it to understand macroeconomic drivers affecting Mandalay housing prices. We cited their findings on FX constraints and inflation pressure to explain why nominal prices rise while affordability doesn't improve. |
| ShweProperty | This is one of Myanmar's longest-running property portals with searchable listings showing prices, sizes, and locations. | We used ShweProperty as a primary source for real asking prices in the Mandalay market. We extracted specific listing examples to anchor our price estimates with verifiable data points. |
| FazWaz Myanmar | This is a structured property portal that consistently displays total price, size, and price per square foot on each listing. | We used FazWaz to build price-per-sqft anchors because their listings explicitly state this metric. We also used their median price callouts as secondary triangulation points. |
| PwC Worldwide Tax Summaries | This is a major global accounting firm's tax reference that summarizes rules and rates with clear, compliance-focused wording. | We used PwC to estimate buyer-side transaction costs including stamp duty rates. We combined their figures with other sources to calculate typical total closing costs. |
| Multilaw Real Estate Guide | This is a global legal network's country guide written by local law firms with direct market expertise. | We used Multilaw to triangulate stamp duty and registration fee percentages so we weren't relying on a single source. We converted their guidance into practical budget rules for buyers. |
| CBM Market Trading Rate Data | This represents the actual rates at which most foreign exchange transactions occur in Myanmar's market. | We specifically used the December 24, 2025 rate as the closest official reference point for January 2026 pricing. We applied 3,649 Kyat per dollar for all conversions throughout the article. |
| FazWaz Mandalay Property Listings | This broader FazWaz section covers all property types in Mandalay, not just condos, providing market-wide visibility. | We used the general listings page to find examples of landed houses and luxury properties. We extracted specific price points like the 27,000 Lakh business property to anchor our luxury segment estimates. |
| FazWaz Golden Tower Listing | This specific listing provides a concrete price-per-sqft anchor from an actual property on the market. | We used the Golden Tower listing showing 2 Lakhs per sqft as a real-world benchmark. We referenced this to validate our median and average price-per-sqft calculations. |
| IMF Myanmar Inflation Datamapper | This interactive tool provides Myanmar-specific inflation data with historical trends and projections. | We used the datamapper to identify specific inflation rates for year-over-year and decade-long comparisons. We applied these rates to calculate how much of price increases reflect real appreciation versus currency devaluation. |
| World Bank MEM June 2025 | This is the most recent World Bank economic assessment of Myanmar's current conditions. | We used the June 2025 report to justify why construction and import constraints keep replacement costs elevated. We cited their analysis to explain the gap between asking and closing prices. |
| ShweProperty Mandalay Apartments | This filtered view shows apartment-specific listings with prices and sizes for the Mandalay market. | We used apartment listings to establish entry-level and mid-market price points. We extracted the 3,500 Lakh / 2,400 sqft example to illustrate what $100,000 can buy in Mandalay. |
| CSO Myanmar Homepage | This confirms that Myanmar maintains official statistical infrastructure for economic indicators. | We used CSO as validation that official CPI data exists to support our inflation-adjustment methodology. We cross-referenced their existence to add credibility to our real-price calculations. |
| PwC Myanmar Individual Taxes | This page specifically covers taxes that affect individual property buyers in Myanmar. | We extracted the 2% stamp duty rate and Mandalay's additional 2% transfer duty from this source. We used these percentages to calculate the taxes portion of total transaction costs. |
| Multilaw Myanmar Property Guide | This legal guide covers property transaction procedures and costs from a practitioner's perspective. | We used their registration fee information (approximately 0.2%) to complete our transaction cost calculations. We combined this with PwC data to provide a comprehensive fee breakdown. |
| CBM EUR Exchange Rate | This provides the official euro-to-kyat rate from Myanmar's central bank. | We used the EUR rate of 4,304.91 Kyat to ensure our euro conversions were consistent with dollar conversions. We applied this rate for all euro figures throughout the article. |
| FazWaz Mandalay Condo Median | FazWaz displays a median condo price metric on their listings page as a market summary. | We used their median price callout as a secondary check against our calculated medians. We noted that small listing counts mean this figure should be used with appropriate caution. |
| ShweProperty Listing Timestamps | ShweProperty shows when listings were posted, helping identify current market activity. | We used timestamp information to ensure we were analyzing recent listings rather than stale data. We prioritized properties listed within the past few months for our price anchors. |
| IMF Historical Inflation Series | The IMF provides inflation data going back decades, enabling long-term trend analysis. | We used the 10-year inflation series to calculate cumulative price changes from 2016 to 2026. We applied compound inflation adjustments to determine real versus nominal appreciation. |
| World Bank FX Analysis | The World Bank report includes detailed analysis of Myanmar's foreign exchange market conditions. | We used their FX tightness findings to explain why sellers pad asking prices as a buffer against currency uncertainty. We linked this to the typical asking-to-closing discount we estimated. |
| FazWaz Amarapura Listings | FazWaz includes listings from Amarapura township within the broader Mandalay property section. | We used the Amarapura condo example (240 Lakhs for 899 sqft) as a concrete entry-level anchor. We cited this specific listing to show what budget buyers can realistically expect. |
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