The government district of Nay Pyi Taw, the exotic capital of Myanmar Despite a military coup and a military crackdown on the country’s civilian population, property prices in Myanmar’s bizarre capital Nay Pyi Taw have been rising since last year, with demand for luxury homes and land tripling in some areas. According to a report in The Irrawaddy, real estate agents in Nay Pyi Taw said sales were largely driven by active duty and former military officers and wealthy families looking for a place that was relatively safe with reliable electricity supply. While many other cities and regions in the country are suffering from…
Property prices in Myanmar’s exotic capital Nay Pyi Taw Despite a military coup and continued military crackdown on civilians in the country, it has been on the rise since last year, with demand for mansions and land tripling in some areas.
Real estate agents in Nay Pyi Taw say sales are largely driven by active duty and former military officers and wealthy families looking for a place that is relatively safe and has reliable power, according to a report Ayeyarwady.
While many other cities and areas in the country are being hit by military attacks, shootings and bombings, Nay Pyi Taw, home to junta leader Min Aung Hlaing and senior military dignitaries and their families, has so far seen few such incidents.
“We normally process three to four sales a month, but since the coup we’ve sold at least ten to twelve properties a month,” one real estate agent told the news portal, noting that prices range from $60,000 to $180,000. between US dollars.
Township of the Rich and Soldiers
The southern town of Dekkhina Thiri has the highest prices and is the first choice for wealthy residents, while the northern towns of Pobba Thiri and Ottara Thiri are mainly populated by mid-level and senior military personnel and retired civil servants. The three townships are rapidly building mansions, mostly on land handed over to retired military officers.
Agents say Nay Pyi Taw’s more reliable electricity supply is another draw for potential home buyers. While the rest of the country is constantly plagued by long-term power outages, there have been very few outages in Nay Pyi Taw, and they lasted only a few hours. Apparently, there has never been a blackout in the northeastern town of Zayar Thiri, where Min Aung Hlaing lives with other junta chiefs and conducts government affairs.
The sprawling Naypyidaw Metropolis was fully planned and settled in 2005, when it replaced Yangon as the administrative capital of Myanmar, and was not completed until 2012, with a total construction cost estimated at between US$4 billion and US$5 billion.
