Costly downtown life drives people to suburbs
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People's interest in living in Yangon's downtown area is declining due to its high cost of living, ever-growing population and inconvenient transportation system. More and more families are seeking affordable, quite places in suburban areas, according t
Urbanisation has is at a high in Myanmar, and the demand for accommodations is soaring, especially in Yangon, bringing real estate prices up. When the country opened its doors to foreign investors, property prices skyrocketed even higher due to speculation.
In addition to the high cost of living, time-consuming traffic jams are another reason people are growing fed up with Yangon.
“The major reason people search for the places in suburban areas is the affordable real estate prices. It takes Ks 90 million (US$90,000) minimum to settle in a mediocre apartment downtown. This sum of money can buy a house with yard in the suburbs,” said Maung Maung Tin from Real Link estate agency.
The hunt for residences in suburbs has grown up to 60 per cent, especially in Hlaingthaya Township on the outskirts of Yangon and in its environs, including North and South Okkalapa, and Shwepyitha.
“Besides congestions, the highly populated areas are always polluted with fumes. I’ve decided to move to North Dagon and get to work by local train,” said a former resident of downtown Yangon.
Rising property values in the suburbs are still small compared to the costs of living downtown.
