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If you're a foreigner thinking about buying an apartment in Mandalay, you're probably wondering how much it actually costs and what hidden expenses you might face.
This guide breaks down real apartment prices in Mandalay in 2026, from studios to three-bedroom units, plus all the extra costs like closing fees, HOA charges, utilities, and property taxes.
We constantly update this blog post to reflect the latest 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
- Foreigners can only legally own registered condominium units in Mandalay, and buildings have a 40% cap on foreign ownership, so checking quota availability before you commit is essential.
- The median apartment price in Mandalay sits around MMK 1.6 million per square meter (about USD 750), which is significantly lower than Yangon's condo market.
- New-build condos in Mandalay typically cost 15% to 35% more than comparable resale units, largely because newer buildings offer better backup power and management.
- Foreign buyers should plan on paying close to 100% cash since conventional mortgages for non-residents are essentially unavailable in Myanmar's condo market.
- Buyer closing costs in Mandalay run between 3.5% and 6% of the purchase price, with stamp duty alone accounting for about 2%.
- Electricity tariffs in Mandalay increased substantially in late 2024, making backup generator access a meaningful factor in building selection and monthly budgets.
- The cheapest townships for apartments in Mandalay, like Pyigyitagon and Patheingyi, can offer prices as low as MMK 700,000 per square meter, roughly half the rate in central areas.
- HOA fees in Mandalay typically range from MMK 120,000 to 350,000 per month for a standard two-bedroom unit, depending on building amenities and generator costs.
- Property taxes in Mandalay are relatively modest, usually between MMK 50,000 and 200,000 per year for a typical apartment.
- Water supply in Mandalay often requires multiple sources beyond piped municipal water, so budgeting for delivered or bottled water on top of the official tariff is practical.
How much do apartments really cost in Mandalay in 2026?
What's the average and median apartment price in Mandalay in 2026?
As of January 2026, the median asking price for a foreigner-eligible condo apartment in Mandalay is around MMK 1.6 million per square meter (approximately USD 750 or EUR 690 per square meter), while the average runs slightly higher at about MMK 1.75 million per square meter (around USD 830 or EUR 765).
To put that in perspective, the median price per square meter in Mandalay works out to roughly USD 70 per square foot, or about EUR 64 per square foot, which makes it one of the more affordable condo markets in Southeast Asia.
Most standard apartments you would seriously consider in Mandalay fall within a price band of MMK 1.2 million to 2.2 million per square meter (about USD 570 to 1,050 or EUR 525 to 970 per square meter), depending on building quality, location, and amenities.
How much is a studio apartment in Mandalay in 2026?
As of January 2026, a typical studio apartment in Mandalay costs between MMK 45 million and 65 million (approximately USD 21,000 to 31,000 or EUR 19,500 to 28,500), though prices vary significantly based on building quality and location.
Budget studio apartments in less central areas or older buildings start around MMK 25 million to 40 million (USD 12,000 to 19,000 or EUR 11,000 to 17,500), while more premium studios with features like backup generators, security, and lifts can reach MMK 70 million to 90 million (USD 33,000 to 43,000 or EUR 30,500 to 39,500).
Studio apartments in Mandalay typically measure between 30 and 40 square meters (roughly 320 to 430 square feet), which is fairly standard for the region.
How much is a one-bedroom apartment in Mandalay in 2026?
As of January 2026, a typical one-bedroom apartment in Mandalay costs between MMK 75 million and 110 million (approximately USD 36,000 to 52,000 or EUR 33,000 to 48,000), representing the most common entry point for foreign buyers.
Entry-level one-bedroom apartments in Mandalay start around MMK 40 million to 70 million (USD 19,000 to 33,000 or EUR 17,500 to 30,500), while high-end or well-located units can reach MMK 115 million to 150 million (USD 55,000 to 71,000 or EUR 50,500 to 65,500).
One-bedroom apartments in Mandalay typically range from 45 to 60 square meters (roughly 485 to 645 square feet), which is a comfortable size for singles or couples.
How much is a two-bedroom apartment in Mandalay in 2026?
As of January 2026, a typical two-bedroom apartment in Mandalay costs between MMK 120 million and 170 million (approximately USD 57,000 to 81,000 or EUR 52,500 to 74,500), making it the most popular size for families.
Budget two-bedroom apartments start around MMK 70 million to 120 million (USD 33,000 to 57,000 or EUR 30,500 to 52,500), while premium units in well-managed buildings with reliable utilities can reach MMK 175 million to 240 million (USD 83,000 to 114,000 or EUR 76,500 to 105,000).
By the way, you will find much more detailed price ranges for apartments in our property pack covering the property market in Mandalay.
How much is a three-bedroom apartment in Mandalay in 2026?
As of January 2026, a typical three-bedroom apartment in Mandalay costs between MMK 200 million and 280 million (approximately USD 95,000 to 133,000 or EUR 87,500 to 122,500), representing the upper end of the standard market.
Entry-level three-bedroom apartments can be found starting around MMK 120 million to 200 million (USD 57,000 to 95,000 or EUR 52,500 to 87,500), while luxury three-bedroom units in prime locations or newer buildings range from MMK 300 million to 420 million (USD 143,000 to 200,000 or EUR 131,500 to 184,000).
Three-bedroom apartments in Mandalay typically measure between 110 and 140 square meters (roughly 1,185 to 1,505 square feet), providing ample space for larger families.
What's the price gap between new and resale apartments in Mandalay in 2026?
As of January 2026, new-build condos in Mandalay typically cost about 15% to 35% more than comparable resale apartments, with the premium reflecting better infrastructure and building management.
New-build apartments in Mandalay average around MMK 1.9 million to 2.3 million per square meter (approximately USD 900 to 1,090 or EUR 830 to 1,005 per square meter), depending on the development.
Resale apartments in Mandalay tend to average closer to MMK 1.4 million to 1.7 million per square meter (approximately USD 665 to 810 or EUR 610 to 745 per square meter), making them more accessible for budget-conscious buyers.
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Can I afford to buy in Mandalay in 2026?
What's the typical total budget (all-in) to buy an apartment in Mandalay in 2026?
As of January 2026, the typical all-in budget to buy a standard two-bedroom apartment in Mandalay is around MMK 158 million to 187 million (approximately USD 75,000 to 89,000 or EUR 69,000 to 82,000), assuming a purchase price of MMK 150 million.
Beyond the purchase price, your all-in budget in Mandalay should include stamp duty (about 2%), lawyer and documentation fees, translation and notarization costs, bank transfer fees if remitting funds from abroad, and initial building deposits or HOA onboarding charges.
We go deeper and try to understand what costs can be avoided or minimized (and how) in our Mandalay property pack.
You can also read our dedicated blog article to understand what you can at different budget levels in Mandalay.
What down payment is typical to buy in Mandalay in 2026?
As of January 2026, foreign buyers in Mandalay should plan on providing close to 100% of the purchase price in cash, as conventional mortgages for non-residents are essentially unavailable in Myanmar's condo market.
For local Myanmar buyers, the minimum down payment that some banks or project-specific financing arrangements require is typically 30% to 50% of the purchase price, though long-term loan tenors are not universal.
If you are a foreign buyer, setting aside the full purchase amount plus 5-10% for closing costs and setup expenses is the safest approach, since mortgage alternatives remain limited and project-specific.
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.
Which neighborhoods are cheapest or priciest in Mandalay in 2026?
How much does the price per m² for apartments vary by neighborhood in Mandalay in 2026?
As of January 2026, apartment prices per square meter in Mandalay range from about MMK 700,000 to 2.4 million (approximately USD 330 to 1,140 or EUR 305 to 1,050), depending heavily on which township you choose.
The most affordable townships in Mandalay for apartments are Pyigyitagon and Patheingyi, where prices typically run between MMK 700,000 and 1.2 million per square meter (USD 330 to 570 or EUR 305 to 525).
The most expensive townships in Mandalay are Chanayethazan, Aungmyaythazan, and Mahaaungmyay, where prices range from MMK 1.8 million to 2.4 million per square meter (USD 860 to 1,140 or EUR 790 to 1,050), reflecting their central locations and established infrastructure.
What neighborhoods are best for first-time buyers on a budget in Mandalay in 2026?
As of January 2026, the best neighborhoods for first-time buyers on a budget in Mandalay are Pyigyitagon, Patheingyi, and select pockets of Chanmyathazi, where you can find older resale units in decent buildings at lower prices.
In these budget-friendly townships, typical apartment prices range from MMK 50 million to 120 million (approximately USD 24,000 to 57,000 or EUR 22,000 to 52,500), depending on size and building condition.
These areas offer more space for the money and are still connected to the city, though Pyigyitagon and Patheingyi may require slightly longer commutes to central Mandalay's commercial zones.
The main trade-off when buying in these budget-friendly townships is that infrastructure and building management standards may be more variable, and some buildings might lack reliable backup power or modern lifts.
Which neighborhoods have the fastest-rising apartment prices in Mandalay in 2026?
As of January 2026, the neighborhoods with the fastest-rising apartment prices in Mandalay appear to be Chanmyathazi, Amarapura, and parts of Aungmyaythazan, based on where newer condo developments and higher-quality buildings are concentrated.
While no official price index exists for Mandalay neighborhoods, these areas likely see above-average appreciation, possibly in the range of 5% to 12% annually, driven by new supply and infrastructure improvements.
The main driver behind price growth in these townships is the combination of newer, better-managed buildings with reliable utilities, which have become more valuable since electricity tariffs increased in late 2024.
You can also read our latest update about property price forecasts in Mandalay.
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What extra costs will I pay on top of the apartment price in Mandalay in 2026?
What are all the buyer closing costs when you buy an apartment in Mandalay?
For a typical MMK 150 million apartment purchase in Mandalay, total buyer closing costs run approximately MMK 5.25 million to 9 million (about USD 2,500 to 4,300 or EUR 2,300 to 3,950).
The main categories of closing costs buyers must pay in Mandalay include stamp duty, registration and documentation fees, lawyer fees, translation and notarization charges, bank transfer costs, and building or HOA onboarding deposits.
Stamp duty is typically the largest single closing cost for buyers in Mandalay, commonly set at around 2% of the purchase price according to Myanmar's property conveyance rules.
Some closing costs in Mandalay are negotiable or variable, particularly lawyer fees, translation charges, and building deposit amounts, which can differ between transactions and buildings.
On average, how much are buyer closing costs as a percentage of the purchase price for an apartment in Mandalay?
Buyers in Mandalay should typically budget between 3.5% and 6% of the apartment purchase price for total closing costs, with 2% going to stamp duty and the remainder covering legal, administrative, and miscellaneous expenses.
The realistic range for most standard transactions in Mandalay runs from about 3.5% on the low end (if you minimize legal fees and have straightforward documentation) to 6% on the high end (if you need extensive legal support, foreign fund transfers, and higher building deposits).
We actually cover all these costs and strategies to minimize them in our pack about the real estate 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 are the ongoing monthly and yearly costs of an apartment in Mandalay in 2026?
What are typical HOA fees in Mandalay right now?
HOA fees (also called management or maintenance fees) are common in Mandalay's condo buildings, and for a typical 70 to 90 square meter apartment, they generally run between MMK 120,000 and 350,000 per month (approximately USD 57 to 165 or EUR 52 to 152).
The range varies significantly in Mandalay depending on building quality: basic buildings with minimal amenities charge closer to MMK 100,000 to 150,000 per month, while premium buildings with lifts, security, and backup generators can charge MMK 300,000 to 400,000 or more per month.
What utilities should I budget monthly in Mandalay right now?
For a typical apartment in Mandalay, you should budget around MMK 50,000 to 130,000 per month (approximately USD 24 to 62 or EUR 22 to 57) for basic utilities including electricity and water.
The realistic range of monthly utility costs in Mandalay varies from about MMK 40,000 for a small, efficiently used apartment to MMK 150,000 or more for larger units with air conditioning and higher electricity usage.
Utilities in Mandalay typically include electricity (the largest component), piped water from the municipal supply, and often supplementary bottled or delivered water for drinking.
Electricity tends to be the most expensive utility for apartment owners in Mandalay, especially after the government revised tariffs upward in late 2024, with higher-tier rates now reaching around MMK 300 per kilowatt-hour.
How much is property tax on apartments in Mandalay?
The typical annual property tax for an apartment in Mandalay runs between MMK 50,000 and 200,000 (approximately USD 24 to 95 or EUR 22 to 87), making it a relatively modest ongoing expense compared to other countries.
Property tax in Mandalay is levied by the Mandalay City Development Committee (MCDC) and is calculated based on assessed property values and township or street classifications, though a clean published rate table is not readily available.
Depending on your apartment's assessed value and location within Mandalay, annual property taxes can range from under MMK 50,000 for lower-valued units to MMK 200,000 or more for premium properties in central townships.
What's the yearly building maintenance cost in Mandalay?
The typical yearly building maintenance cost for apartment owners in Mandalay is effectively covered by monthly HOA fees for routine building systems, plus an additional owner reserve of about MMK 450,000 to 1.5 million per year (approximately USD 215 to 715 or EUR 198 to 658) for in-unit repairs and unexpected levies.
The realistic range depends on your apartment's value and building age: newer buildings in good condition require less reserve (closer to 0.3% of apartment value annually), while older buildings may need 1% or more of apartment value set aside each year.
Building maintenance costs in Mandalay typically cover routine repairs to shared systems like lifts, generators, hallways, and security infrastructure, as well as occasional special assessments for major repairs.
In most Mandalay condos, routine building maintenance is included within your monthly HOA fees, but owners should still budget separately for their own unit's repairs and any one-off building levies.
How much does home insurance cost in Mandalay?
The typical annual home insurance cost for an apartment in Mandalay ranges from about MMK 100,000 to 300,000 (approximately USD 48 to 143 or EUR 44 to 132) for basic property coverage on a unit valued around MMK 100 million.
The realistic range of annual home insurance costs in Mandalay runs from about 0.1% to 0.3% of your insured property value, depending on the coverage level you choose and the specific perils included in your policy.
Home insurance is generally optional for apartment owners in Mandalay rather than legally mandatory, though it is strongly recommended, and some condo buildings or lenders may require basic coverage.
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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 |
|---|---|---|
| Myanmar Condominium Law (2016) | The primary legal text defining condo ownership rights for foreigners in Myanmar. | We used it to explain what foreigners can legally buy. We also used it to keep our guide focused on foreigner-eligible condo apartments. |
| Myanmar Condominium Rules | The official implementing rules from the Ministry of Construction. | We used it to describe building management obligations and HOA structures. We also used it to justify why maintenance fees exist across all managed condos. |
| LawPlus Legal Note | A specialist legal explainer that cites specific law sections. | We used it to summarize the 40% foreign ownership quota clearly. We also used it to explain fund remittance requirements for foreign buyers. |
| Myanmar Stamp Act | The official law governing stamp duties on property documents. | We used it as the legal basis for stamp duty costs on conveyances. We paired it with tax guides to translate it into buyer cost estimates. |
| PwC Worldwide Tax Summaries | PwC consolidates statutory tax rules into a standardized, verified format. | We used it to anchor the 2% stamp duty rate for property purchases. We triangulated this with other sources to confirm accuracy. |
| DFDL Myanmar Tax Guide 2025 | A respected regional law firm publishing structured tax guidance. | We used it to cross-check taxes and administrative charges buyers face. We also used it to validate our closing cost percentage ranges. |
| Ministry of Information Electricity Notice | An official government notice describing the 2024 tariff revision. | We used it to explain why electricity costs rose in Mandalay. We translated this into realistic monthly utility budget ranges. |
| Mizzima News | A major Myanmar news outlet reporting specific tariff numbers. | We used it for the per-kilowatt-hour rates after the revision. We treated it as supporting evidence for our utility cost ranges. |
| Myanmar Water Portal Policy Brief | A research brief with administrative context on MCDC water service. | We used it for Mandalay-specific water tariff information. We then translated unit costs into a simple monthly water budget. |
| JICA Water Report | JICA technical reports are widely used references for infrastructure baselines. | We used it to explain why many households rely on multiple water sources. We used it as context for budgeting beyond just the official tariff. |
| IWA Publishing Research | A peer-reviewed water sector study focused on Mandalay households. | We used it to support the reality that water sourcing is often mixed in Mandalay. We translated that into practical budgeting advice. |
| MCDC Law | The official legal framework for the Mandalay City Development Committee. | We used it to confirm MCDC's authority over municipal taxes and fees. We used it to anchor the "who charges what" logic for property taxes. |
| Myanmar National Portal (Property Tax) | An official government portal explaining city property tax structures. | We used it as a template for how city committees calculate property taxes. We applied it cautiously to Mandalay as an estimate framework. |
| Myanma Insurance Calculator | The official state insurer's tool showing how premiums are computed. | We used it to confirm that property insurance is available and priced by insured value. We then derived practical annual cost ranges for apartments. |
| ShweProperty | One of Myanmar's largest property portals with transparent listing data. | We used it to derive price-per-area examples and anchor neighborhood names in Mandalay. We treated listings as asking prices and discounted slightly for realism. |
| FazWaz Myanmar | A large regional property portal with standardized unit sizes. | We used it as a second listing pool to triangulate per-square-meter price bands. We used it to validate Mandalay's wide asking-price dispersion. |
| Lincoln Myanmar Analysis | Market commentary showing how financing works in Myanmar's condo market. | We used it to confirm that longer-term loans are project-specific rather than broadly available. We applied this to down payment guidance for buyers. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Myanmar. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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