Fluctuations in exchange rate, gold prices boost real estate investment

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Mawlamyine, June (27)

The real estate market in Mon State’s Mawlamyine has been brisk due to the increasing dollar value and gold prices in the nearly two and a half years since the military coup, said estate agents.

After the US government slapped sanctions on two military council-controlled banks on June 21, the dollar exchange rate increased to more than 3,200 kyats, and the price of pure gold jumped to 3.2 million kyats per tical.

As a result, wealthy people are investing in the real estate market in Mawlamyine, a real estate agent told Than Lwin Times.

In Mawlamyine, a plot of land has surged by 5 million Kyats, and people are also purchasing plots costing 800 – 1000 million Kyats.

The junta-controlled central bank’s restrictions on currency exchange have caused the dollar and gold prices to increase, prompting more real estate purchases and investments.

Real estate purchases are growing at the moment, with wealthy people from townships purchasing plots of land, said a source.

In Mawlamyine’s Myaing Thayar Ward, a 40×60 ft plot of land costs around 50-70 million MMK, and a 60×80 ft plot of land is priced at 180-200 million MMK.

News – Than Lwin Times

Photo: CJ

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