May 20, 2011

Nay Pyi Taw attracts real estate investors

Nay Pyi Taw is increasingly being seen by property investors from Yangon and Mandalay as a good bet for the future, a number of brokers in the capital said last week.

They say the unmatched infrastructure and a coherent city plan, lacking in other cities, make properties in the capital a good buy.

“Last year only big companies and jade traders were buying properties on the market. But now we’re seeing a much more diverse range of buyers, including the owners of smaller businesses such as restaurants and fashion boutiques.

“But landowners are also becoming savvier too, and are quickly learning how the real estate business works. Some have begun asking very unreasonable prices for their properties,” a spokesperson for Shweletpan Real Estate said.

Thapyaykone quarter, which is close to the Gems Museum in Nay Pyi Taw, and Paunglaung and Aungthayar quarters, which flank Yarzahtarni Road, are the best-selling locations. Entrepreneurs are also showing interest in buying homes in Pyinmana township but sales in Ottarathiri and Detkhinathiri townships are stagnant, the spokesperson said.

“In our quarter there has been a fast turnover of homes in recent months. We’ve heard that most of the buyers are jade traders.

“I sold my house because I’m getting old and I want to move in with my relatives but I know of plenty of other people who’ve sold their places because they got an attractive offer. With the money they made from selling their houses they’ve been able to move back to their home village and live well or buy another cheaper house in Nay Pyi Taw,” said a landowner who sold his plot in Aungmangala quarter, in Pyinmana, last month.

Newly prepared land plots in Ottarathiri and Detkhinathiri townships measure 80 feet by 100 feet and anyone interested in purchasing one can apply directly to the Nay Pyi Taw City Development Committee.

The remaining vacant land in those townships will be reclaimed and sold as residential plots, said an anonymous City Development Committee official.

“Paunglaung quarter is the best place to do [property] business now. The plots are nicely sized and marked out well. They also have good drainage. Buyers tend to put down a downpayment as soon as they’ve looked at the site and found it okay,” a broker from Paunglaung quarter said.

The broker added that the rental market was also performing strongly.

“The rental business is doing well everywhere in Nay Pyi Taw, even though there was a small break during the Thingyan holiday. I think the market will keep going strongly for the foreseeable future,” he added.

Source: Myanmar Times