Property prices in Myanmar’s capital skyrocket in aftermath of coup

Government district in Naypyidaw, Myanmar’s bizarre capital

Real estate prices in Myanmar’s bizarre capital Naypyitaw have been rising since last year despite the military coup and ongoing military crackdown on civilians in the country, with demand for luxury homes and land seeing prices tripling in some areas.

Real estate agents in Naypyitaw say sales are predominantly being pushed by active and former military officers and wealthy families looking for a relatively safe location with reliable power supplies, according to a report by The Irrawaddy.

While many other cities and regions in the country are suffering from military raids, shootings and bombings, Naypyitaw as home to junta leader Min Aung Hlaing and senior military figures and their families has seen few such incidents so far.

“We normally handle three or four sales per month but since the coup we are selling at least ten or 12 properties a month,” a real estate agent told the news portal, noting that the price range lies between $60,000 and $180,000.

Townships for the wealthy and for army personnel

Prices are the highest in the southern township of Dekkhina Thiri which is preferred by wealthy residents, as well as in the northern townships of Pobba Thiri and Ottara Thiri where mostly middle- and higher-ranking military personnel and retired civil servants live. Luxury homes are being rapidly built in the three townships, mostly on land handed to retired military officers.

Agents say the more reliable electricity supply in Naypyitaw is another attraction for potential home buyers. While the rest of the country is suffering from repeated prolonged power cuts, in Naypyitaw only few outages occur and they only last a few hours. Power cuts apparently never happen in the northeastern township of Zayar Thiri where Min Aung Hlaing lives and pursues his government business along with other junta chiefs.

The sprawling city of Naypyitaw is entirely planned, was settled in 2005 when it replaced Yangon as the administrative capital of Myanmar and finished only in 2012 at overall estimated construction costs of between $4 billion and $5 billion.



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[caption id="attachment_38345" align="alignleft" width="300"] Government district in Naypyidaw, Myanmar's bizarre capital[/caption] Real estate prices in Myanmar’s bizarre capital Naypyitaw have been rising since last year despite the military coup and ongoing military crackdown on civilians in the country, with demand for luxury homes and land seeing prices tripling in some areas. Real estate agents in Naypyitaw say sales are predominantly being pushed by active and former military officers and wealthy families looking for a relatively safe location with reliable power supplies, according to a report by The Irrawaddy. While many other cities and regions in the country are suffering from...

Government district in Naypyidaw, Myanmar’s bizarre capital

Real estate prices in Myanmar’s bizarre capital Naypyitaw have been rising since last year despite the military coup and ongoing military crackdown on civilians in the country, with demand for luxury homes and land seeing prices tripling in some areas.

Real estate agents in Naypyitaw say sales are predominantly being pushed by active and former military officers and wealthy families looking for a relatively safe location with reliable power supplies, according to a report by The Irrawaddy.

While many other cities and regions in the country are suffering from military raids, shootings and bombings, Naypyitaw as home to junta leader Min Aung Hlaing and senior military figures and their families has seen few such incidents so far.

“We normally handle three or four sales per month but since the coup we are selling at least ten or 12 properties a month,” a real estate agent told the news portal, noting that the price range lies between $60,000 and $180,000.

Townships for the wealthy and for army personnel

Prices are the highest in the southern township of Dekkhina Thiri which is preferred by wealthy residents, as well as in the northern townships of Pobba Thiri and Ottara Thiri where mostly middle- and higher-ranking military personnel and retired civil servants live. Luxury homes are being rapidly built in the three townships, mostly on land handed to retired military officers.

Agents say the more reliable electricity supply in Naypyitaw is another attraction for potential home buyers. While the rest of the country is suffering from repeated prolonged power cuts, in Naypyitaw only few outages occur and they only last a few hours. Power cuts apparently never happen in the northeastern township of Zayar Thiri where Min Aung Hlaing lives and pursues his government business along with other junta chiefs.

The sprawling city of Naypyitaw is entirely planned, was settled in 2005 when it replaced Yangon as the administrative capital of Myanmar and finished only in 2012 at overall estimated construction costs of between $4 billion and $5 billion.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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