‘Crazy’ Yangon property prices despite struggling economy, civil war in Myanmar

Internal migration from conflict zones, foreign currency restrictions and a lack of trust in banks have fuelled "artificial demand" for property as a safe asset. Read more at straitstimes.com.

YANGON – 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 1 billion Myanmar kyat or US$476,000 (S$609,000). Before the 2021 coup, 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,” he added.

The country continues to grapple with violent clashes between the resistance forces and the junta army following a coup 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.