Myanmar Condominium Law
The Myanmar Condominium Law, drafted by the Ministry of Construction and had been stuck in the parliament for the past three years , due to difference of views between the Upper House (Amyotha Hluttaw) and the Lower House (Pyithu Hluttaw),was passed by the Parliament on 22 January for approval by the President. The Law approved by the President with some amendments was adopted by the Parliament on 28 January. The adoption of this long-awaited law could constitute a heartening boost to the stagnant property market of Myanmar and hoped to bring in nearly US$ 1 billion and also increase in tax revenue.
Under the Condominium Law, foreigners can buy 40 percent of high-rise apartments that means 4 apartments out of every 10 on sale, provided the apartments are on the sixth floor or above. It is learned that the Law will also be applied to the existing condominiums if they meet the requirements contained in the Law.
Though static right now, the Myanmar property market is hoped to develop beyond 2016 and people look forward to changes in the market and better prices. One member of the Lower House ( U Khine Maung Yee) said the new law would strengthen the property market and this will be of great interest to foreign investors doing business in Myanmar.
30 January 2016