Real estate prices in Monywa, Sagaing Division, have skyrocketed due to the collapse of the banking system.
A real estate agent in Monywa says people are increasingly buying more solid land because they do not want to keep the kyat in hand.
In Monywa, the value of land that used to be around 50 lakhs to 100 lakhs has risen to nearly 15 million and is being traded.
Nandawan Ward, Thanlyin A real estate agent in Monywa said that the main deals were in the industrial and Chan Myawaddy quarters, and that there was a lot of bargaining in the area.
“The main reason is the lack of financial strength,” he said. Money is not very reliable in the bank. The dollar rose. I bought houses because I could not trust the banknotes when the money could not be withdrawn or deposited. Demand is rising. When both the seller and the buyer are unsure of the money, they sell at a higher price. When they sell, they buy back, so the price goes up and the price goes up. It’s not an exaggeration. ”
According to Monywa residents, property prices have risen by almost half in some places. He said the price had skyrocketed because banknotes were worthless and there were few people who wanted to sell and many people who wanted to buy.
Only high-value plots are traded, while high-value plots are rarely traded.
A real estate agent says rents have fallen but sales have risen.
“Nandawan, industry, Chan Myawaddy, Myothit. Central Ward and Yankin are less. In some places, a 50-ton circle becomes 100, but a thousand-ton circle does not become 2,000. As I said before, sales are closed because people who want to buy can’t even afford it. Some people stop selling money because they have no money. If the seller wants to sell, most people are already buying and selling. Then prices went up. The first person to buy. Rental prices have fallen. In the past, it was one year. They sewed for two years. Now it is tight and the price has dropped due to begging and renting. The contract is signed for 3 months. 6 months discount from the landlord. Sales prices have risen. Rental prices have dropped. ”
A local observer in Sagaing said there was no banknote guarantee. The coup d’état is considered by big money tycoons to be a bargaining chip.
Under the NLD government, land management policies were drawn up and new plots were sold outside Monywa, giving ordinary people access to their own homes. After the coup, the previously stable land market collapsed.
“In the beginning, new plots were built and sold outside Monywa as needed. Many were able to save up for what they could afford. 50 lakhs. Around 100, it is accessible to all. After the coup, the real estate market stabilized. There are two reasons we see this. One is financial instability. Are dishonest people using their money to make it expensive? In fact, the real estate market is booming. Utilizing political instability, the compound, which used to be worth about 50, has risen to about 150. Due to the needs of the city, land management, which used to be accessible to all artisans, is now a market that ordinary people cannot afford. That is the problem. ”
Monywa is the capital of Sagaing Division and is home to the Military Council’s Northwest Military Headquarters.
Military violence in Sagaing Division is controlled by the Military Council from the Northwest Command, which is under military influence.
In the Northwest Military Region, the military council is trying to gain military influence, but the guerrilla system of the local PDFs has not been able to gain the upper hand.
Analysts say that political and military instability has led to a sharp rise in land prices due to speculation by businessmen.