Mawlamyine, November (4)
Mon State’s property market is once again slowing down as a result of some stabilization in the gold and dollar prices, real estate agents told Than Lwin Times.
In August, the purchase of housing and land increased significantly after the US dollar rose to a record high of over Ks 4,000 and one tical of pure gold to over 3, 000,000 kyats.
But as the price of gold fell to over 2,600,000 kyats per tical while the Myanmar currency priced at over 3, 000 kyats per US dollar, the real estate market started to slow down.
According to a real estate agent, as the dollar and gold prices have normalized, more individuals are purchasing gold, and the purchase of houses and properties has decreased.
The value of Myanmar’s currency has continued to decrease along with inflation since the military takeover last year, and the price of gold and the dollar have routinely fluctuated.
Therefore, people working abroad, local businessmen and people with savings invest in real estate.
A real estate agent said that in the past, people bought land because of the financial instability, but now more people are reselling the purchased land.
In addition, because the price of gold and the dollar has stabilized a little, brokers said that a 40×60 ft plot of land worth 60,000,000 kyats is being sold at a discount of 5,000,000 kyats in the real estate market.
A 40×60 ft plot was priced at around 500-600 lakhs, and a 60×80 ft plot was priced at 1000-1500 lakhs in the wards of Myaingtharyar and Thirimyaing in Mons State Mawlamyine.
News – Than Lwin Times