There has been a recent surge of investors buying up plots of land in Minbya Township and along the stretch of the Zin Kyaung river, both in close proximity to the Rakhine State’s Kyaukphyu Special Economic Zone (KSEZ), real-estate agents have told Myitmakha News Agency.
Buyers reportedly include Myanmar businessmen from around the country and local investors from nearby urban centers.
“There’s hardly any land left. Businessmen have been dividing it up, buying up hundred-acre plots and fencing them off. The price of beach-side land is appreciating every month; it never falls. There are some people, though, that have managed to get a low-price for the land, buying it directly from farmers,” said U Maung Gyi, a local real- estate agent.
Businessmen began buying up swathes of land in the region back in 2014 with the objective of reselling it for a substantial profit, but come August 2016 and plots of land are still being purchased by such business savvy individuals as a long-term investment.
“Once the industrial zone comes to fruition, there will be an appreciation in the value of land in the region. I also expect hotels and tourism industries will set-up-shop at some point, too. That’s why I’ve invested my money in land, in lieu of putting it in the bank,” said a resident of Kyaukphyu and purchaser of 13 acres of land. An acre of land in the region prior to 2010 reportedly fetched K3 million, but has since sky rocketed to between K15 – 20 million
Source: Global New Light of Myanmar
