Nay Pyi Taw Real Estate Market struggling amid Covid-19

20 November 2020

Nay Pyi Taw, unlike any other big cities such as Yangon and Mandalay, has a notable development in real estate market as it has reasonable price range of real estate compared to other big cities in Myanmar. However, with the resurgence of COVID-19 and the restrictions imposed by the government for the entrance to Nay Pyi Taw, the people from this sector have reported that the real estate business has been halted at this time since the restrictions have come to the scene.

U Nanda Kyaw is the chairman of Myanmar Real Property Development Association (Nay Pyi Taw) who spoke to MI Radio on the latest situation of the real estate market in Nay Pyi Taw and he said, “The real estate market in Nay Pyi Taw has been facing the impacts of COVID-19 here, although it was initially quite stable in the first wave of COVID-19 especially the market was doing well right after Thingyan period which I would say it was up twice number of the usual sale. Most of the people who purchased at that time were the people from Yangon region; the lands ranging the price from MMK 50 million to MMK 150 million were sold at high scale in most of the most populated townships in Nay Pyi Taw. The only activities going on here right now are, the lands set for completion of the purchase and paper works in payments or other related works are being carried out for now.”

Among different townships here in Nay Pyi Taw, Zabuthiri township is the top area where real estate market has its finest spots attracting more buyers than those from any other township in Nay Pyi Taw and it also follows by other township such as Pobbathiri and Theihkhinathiri township.

The property market in Nay Pyi Taw is not mostly based on renting the apartments but it is mostly depended on sale and renting of the land for now. But there are also many people who rent the apartments or buildings. U Van is one of the residents in Nay Pyi Taw who has been renting the apartment for a couple of years and speaking to MI Radio he said, “Basically  people like me who are renting a place or apartment for class where I teach English class to different people from students to working people. And then when COVID-19 is happening in the country, a number of the students drop down which makes the income also drops down. So it is a bit of struggle to cover up the renting fare, but luckily my landlord has granted me one month free stay”.

The people from this property sector are hoping that the government will withdraw the plan to impose the original tax plan which is about 6% as the whole economy of the country is affected by the impacts of COVID-19.