YANGON / The Straits Times (ANN) – Yangon is experiencing a property boom, with prices of some condominium units doubling in just five years, even as Myanmar’s economy struggles to regain its footing amid an ongoing civil war.
Myanmar property consultants told The Straits Times this is “not normal”, and even “crazy”.
At Inno City, a mixed-use project by South Korean developers completed in 2023, a 130 sq m three-bedder costs about one billion Myanmar kyat or US$476,000 (S$610,000). Before 2021, a similar unit would have cost US$286,000.
“We’ve seen residential prices in major cities like Yangon roughly double since 2020, and in some outlying townships and secondary locations, prices have tripled or more,” said Mr Karlo Pobre, deputy managing director at Colliers Thailand. “This has happened even though economic fundamentals remain weak.”
The country continues to grapple with violent clashes between resistance forces and the government army following a political change in February 2021 that also sparked an economic crisis. For the fiscal year ending March 2026, real gross domestic product is expected to contract by 2 per cent, based on the World Bank’s estimates. Inflation is expected to remain above 20 per cent in the near term.
The World Bank also noted in its December report that while Myanmar will see moderate signs of economic improvement, it still faces significant headwinds, as the country experiences persistent conflict and enduring structural challenges.
Mr Pobre therefore believes a major driver of high property prices is not income growth or investment returns but “risk hedging”.
