Burma

Property Demand Booms in Myanmar’s Capital as Wealthy Seek Safety

By The Irrawaddy 31 March 2022

Real estate prices in Myanmar’s capital have been rising since June last year with demand for luxury homes and land tripling in some areas.

Estate agents in Naypyitaw say sales are being pushed by former military officers and wealthy families looking for somewhere safe with reliable power supplies.

As home to the junta leader Min Aung Hlaing and other senior figures, Naypyitaw has seen few regime raids on residential areas and random shootings, like in other cities.

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 were are 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.

An Ottarathiri resident said: “I bought my home for 60 million kyats three years ago but last week I sold it to a retired military officer for 110 million kyats. He did not try to reduce the price.”

Luxury homes are being rapidly built in the three townships, mostly on land handed to retired military officers.

The former dictator Than Shwe relocated the capital from Yangon to Naypyitaw in late 2005, apparently to insulate the military leadership from popular uprisings.

Agents say the more reliable electricity supply in Naypyitaw is another attraction.

Since last month, prolonged power cuts have become a regular part of life across Myanmar.

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 junta chiefs.

The junta recently said national infrastructural maintenance and upgrades to an offshore gas station are restricting electricity production.

Naypyitaw controls the bulk of Myanmar’s power supply, leaving other cities in darkness.

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