New condominium laws to be enforced by the end of September
On 8/26/18 the construction minister of U Han Zaw in Myanmar stated that by “By the end of September a new condominium regulation will be enforced”.
Under the current law foreigners are unable to possess and purchase real estate in Myanmar resulting in a trend of pseudo purchases in the form of long-term lease contracts with developers. If this new condominium law is enforced, it will allow up to 40% of the total number of apartments defined as a “condominium” under the new law to be purchased by foreigners.
This new condominium law was signed on 12/7/2016 and the detailed provision announced on 12/14/2017. However, it has been put on hold for about 2 years and expectations are mounting as it is likely to finally come into effect next month.
For investors, this law is is expected to create a more transparent and fair market.
Propre has staff based locally and in Yangon, the central city of Myanmar. We share Myanmar lifestyle related information received from our local staff. We hope to share unique news about Myanmar which can not be obtained from the general news.