Yangyel Lhaden

Despite the decrease in the market price of land, many individuals are struggling to sell their plots in towns.

A businessman in Paro has been trying to sell his friend’s land in Pasakha, Phuentsholing for a year now. His friend wants to sell the land to fund her child’s education in Australia and build a house. The initial price was Nu 180,000 per decimal, which was later reduced to Nu 130,000, but still, no buyers showed interest.

“ It seems people don’t have money,” the businessman said.

There is speculation among those in the land business that people don’t have money at home because of Australia and Canada rush. Land prices are being reduced due to lower demand and an abundance of sellers, according to landlords.

“People going abroad at least take between Nu 1 and 2 million,” a broker, Tsen Tshering said. “With thousands leaving the country, there simply isn’t enough money left for people back home to buy immovable properties.”

He has not been able to sell any plots this year. In 2018 and 2019, he sold at least five plots of land every year. Last year, he sold one.

“The land price in town and adjacent areas in Paro used to range from Nu 700,000 to Nu 800,000 a decimal,” Tsen Tshering said. “Today, the price has dropped to between Nu 500,000 and Nu 700,000. However, sellers are now willing to sell for as low as Nu 480,000 to Nu 580,000, yet there is still a lack of buyers.”

A man in Thimphu has also been trying to sell both his plots in Khasadrapchhu and Chamgang for over a month. “The price of land in Chamgang used to be around Nu 400,000 per decimal in the past but now it is Nu 350,000. I am willing to sell at Nu 300,000 per decimal if someone will buy it.”

“I am trying to sell my plots to finish constructing my house,” he said. “I am concerned that if I take a loan, I will struggle to repay it.”