Financial instability boosts investment in real estate in Mon State

0
142

Mawlamyine, September (20)

Real estate agents told Than Lwin Times that there has been more investment in the real estate sector in Mon State as the value of the Myanmar currency continued to fall along with inflation for more than a year and a half after the coup.

The dollar and gold prices kept rising as a result of the junta-controlled central bank’s restrictions on foreign exchange, and due to market volatility, a growing number of people began to invest in real estate.

The Central Bank has set a reference price of 2,100 kyats for the US dollar, which is essential for the import sector, but the price of one dollar in the foreign market is around 3,300 kyats, and the price of pure gold has risen to more than 2,900,000 kyats per one tical.

Due to these conditions, people working abroad, local businessmen and those who have saved money are no longer depositing money in banks but are buying more houses and land, said a real estate agent.

Due to the increase in demand for housing and the depreciation of Myanmar currency, the housing prices have almost doubled again.

A real estate agent said that although housing prices are continuously rising, there are more buyers in the market.

In Mawlamyine,  (40×60) ft plots of land in the neighborhoods of Myaing Tharyar and Thiri Myaing cost around Ks 500 lakhs 600 lakhs, with Ks 1 000 -1500 lakhs for (60×80) ft plots of land.

A research group called ISP-Myanmar released data in the third week of May showing that over US$38 million was invested in the real estate sector in the four months between January and April 2022.

News – Than Lwin Times

LEAVE A REPLY

Please enter your comment!
Please enter your name here