Recently, the real estate market in Myanmar has experienced a situation of lack of price. According to real estate industry practitioners, the dismal trading in the real estate market is related to price changes in the gold and foreign exchange markets.
Yangon real estate businessmen said that since 2021, Myanmar has experienced inflation, continuous depreciation of the Myanmar currency, and fluctuating gold prices and foreign exchange rates. During this period, in order to reduce the loss of assets, businessmen and people with spare money set their sights on the real estate market. At present, the price of gold and foreign exchange markets has gradually returned to stability, while the price of the inflated real estate market, trading has become very cold.
It is learned from real estate agencies that compared with before, the transaction volume of the real estate industry has decreased significantly, and only the transaction of just-in-demand real estate in good locations is stable. After the fall in gold and foreign exchange market prices, most traders withdrew from the real estate industry, and the US dollar and gold became popular investments again.
Wu Minzhuo, head of Pengdekun Real Estate Consulting Company in Bago City, said that properties that could be bought for 10 million kyats before now cost at least 15 million kyats, and some have risen to 18 million ~ 20 million kyats. Buyers and sellers are trading on their own right now, and for those who need it, as long as they meet the psychological price point, they can facilitate the transaction. However, for people and sellers who want to invest in real estate for a long time, the prices are reasonable and real, and there is no need to rush to buy with others.
It is reported that since 2021, Naypyidaw real estate due to the increase in the number of immigrant investors, the market price has doubled, in the surrounding roads, water, electricity, schools, hospitals, market complete Bhubadiri town area, in the past only 10 million ~ 20 million kyats of land, the current price has risen to 20 million ~ 50 million kyats.
A real estate businessman in the Patheng area of Ayeyarwady province said that although there have been transactions recently, the sales volume is much less than before, and the larger transaction volume is the land plot with a price of about 40 million ~ 50 million kyats. The price of one square meter in the urban area is about 20,000~30,000, the land price of the downtown street is about 250 million ~ 400 million, and the market price of the garden plot is about 1.5 billion ~ 1.8 billion.
On August 31, the Central Bank of Myanmar released a blockbuster news that it plans to release $200 million into the market to alleviate the soaring price situation caused by rising fuel prices. After the central bank's statement, the price of dollars, gold and fuel oil in Myanmar retreated.
At the end of September, gold, which had risen to a record of 3.7 million kyats, fell to 2.7 million kyats in less than a month. At present, gold and US dollars have become the best choice to avoid risks, and for a period of time, gold and US dollars in Myanmar have been trading vigorously. After the US dollar and gold ushered in the investment boom, the real estate market was in a downturn, and the transaction was relatively cold compared with the past.