Property Demand In Myanmar’s Capital Booms

Real estate prices in Myanmar’s capital have been rising since June last year with demand for luxury homes soaring in some areas. Agents in Naypyitaw say sales are being pushed by former military officers and wealthy families looking for somewhere safe with reliable power supplies. A Naypyitaw agent told The Irrawaddy that demand for real estate has tripled since last June. “We normally handle three or four sales per month but since the coup we’re selling at least 10 or 12 properties a month,” the estate agent said. Homes are selling for between US $60,000 and $180,000, according to agents. Other estate agents said sales are highest in Dekkhinathiri, Pobbathiri and Ottarathiri townships because they are seen as the most tranquil areas. Dekkhinathiri is popular with the wealthy, Pobbathiri is home to middle-ranking military personnel and Ottarathiri hosts senior officers and retired civil servants. Luxury homes are being rapidly built in the three townships, mostly on land handed to retired military officers. Naypyitaw residents say there are few outages and they only last a few hours. Power cuts apparently never happen in Zayarthiri Township, where Min Aung Hlaing lives and works along with other high ranking officials.