In Myeik Township, Tanintharyi Region, the number of people selling real estate has increased significantly since the end of last year, surpassing the number of buyers, according to real estate agents.

“There are more people renting than buying. Due to the political situation and instability in the region, demand for rental properties has increased in the city. However, the buying market remains sluggish. There is a surge in people looking to sell houses and land, but buyers are mostly interested in properties on the outskirts of the city rather than in prime urban areas,” said a real estate agent in Myeik.

In addition to residential properties, many agricultural lands and garden plots are also being put up for sale.

Over the past three years, financial difficulties caused by job losses and rising commodity prices have led many property owners to sell their homes and gardens. Some owners are handling the sales directly, while others are seeking assistance from real estate agents.

“Prime commercial areas in the city, where land prices reach tens of millions of kyats, are seeing little to no transactions. Meanwhile, properties in suburban areas, valued at hundreds of millions of kyats, are still being bought and sold to some extent. Many sellers are offloading garden lands as well. Overall, the number of sellers in both urban and rural areas has noticeably increased,” said a local resident.

Faced with financial constraints, many individuals are selling their homes and apartments, while some are selling their farmland in portions, either in small plots or by the acre. Additionally, some property owners with multiple houses are selling one to maintain financial stability and sustain their businesses.