Real Estate

in Pyin Oo Lwin

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In a compact urban region, Pyin Oo Lwin has a wide diversity of real estate.  Best value for smaller residential buildings and land is in the New Town, already a thriving and rapidly maturing part of the city.  This locality is to the east of Pyin Oo Lwin proper, over the hills where 'The Rides' were so popular in colonial times.

Pyin Oo Lwin itself has rapidly gained popularity in recent years, and vacant building plots are becoming scarce.  There are, however, still a few properties sitting in plots of an acre or more, and many owners are seeking to divide such land in two or more smaller plots.  Land in the residential parts of the town is currently changing hands at between 300 to 500 lakhs an acre (2007).  At these prices existing buildings may be in poor condition, though more and more owners are refurbishing their properties these days.  Recently built 3 bedroom houses may fetch between 500 and 1000 lakhs or more depending on location and plot size.  There are many lovely houses for rent.  (Note: 1 lakh = 100,000 kyats - approx $80-$90).  Interest in property in Pyin Oo Lwin is growing rapidly (It has been featured twice in recent months in the Myanmar Times as a desirable location).

There are apartments to be found in the town, though none of the luxury styles of Mandalay and Yangon.  Prices vary widely.

Prospective buyers need to check electricity supplies carefully, as well as the availability of water.  It's no use having a bore hole if there is no power to pump out the water!  Telephone lines command premium prices - currently upwards of 30 lakhs.

All land belongs to the State; all private properties sit on 30 year leasehold land (town) or 10 year leasehold land (New Town).  Outside the township, Village land leases may be more or less open-ended.

Brokers' fees vary between 3%-5%.  Land tax is payable when the Ground Lease is transferred.