Land prices at a coastal town in Rakhine State have risen to an “unprecedented level” over the past three years, according to local villagers.
The Kyaukalatt village tract in Thandwe is famous among hoteliers for its beautiful shore. Investors and brokers are said to be “racing” for a plot and many longtime residents are selling their plots and moving inland.
“Some people ask for over 1 billion kyat for a plot,” said Thabyuchai villager Hla Maung Than.
Almost all Kyaukalatt natives have reportedly sold their land and moved to inland areas.
Than Htut Zaw, resident at Kwinpaing village, said: “The prices have climbed since two years ago. Villagers didn’t make much money back then – just around 200 million kyat. Now the prices are as high as 800 million kyat for a plot.”
The village tract is 27 miles from Thandwe and foreign visitors are said to be drawn to the village to snorkel and dive over the coral reefs during the dry seasons.
(US$1 = Ks1,360)