THE Burmese (Myanmar) government has begun implementing laws that make it easier for foreign buyers to purchase condominiums in the country, easing strict regulations on home ownership in the Southeast Asian country.
According to the Myanmar Times, the Ministry of Construction recently announced the formation of a management committee to oversee the implementation of regulations under the Condominium Law 2016 and Condominium Rules 2017.
On Jan 5, the ministry said the committee will register new and existing property developments that meet the definitions of condominiums.
“So far, some 40 developers have come forward to register condominiums,” said U Myo Myint Oo member of the Yangon Region Condominium Management Committee said.
The new law allows 40 percent of a condominium project to be sold to foreign buyers.
U Myo Myint Oo, who is also the general secretary of the Myanmar Construction Entrepreneurs Association, said condominium united registered with the committee will start coming onto the property market for foreign buyers in the next two to three months.
U Wai San Thein, registering officer for collectively owned buildings in Yangon Region, said: “If a foreign owner wishes to sell they’re unit, either a Myanmar citizen or a foreigner can buy the unit as long the ownership still meets the 40pc foreign-ownership requirement.
He added that direct sale or reselling can be carried out by anyone until the foreign-ownership threshold is reached.
“The registration office will ensure the 40pc foreign ownership stipulation is adhered to, but until the threshold is reached, anyone can purchase or sell the units with the approval of the registration office,” he said.
U Kyaw Sithu, sales director of Success Property Consultant Co, said the property market will become more streamlined “once developers or owners of existing projects can regularise their properties under the current framework.”
“Although the registration has begun, I think it will take the committee about six months to run its operations smoothly. There will be significant impacts during the second quarter of this year,” said U Kyaw Sithu.
“The management committee has now been set up, and if the government lowers the tax rate in the coming fiscal year, the property market could see a boost this year,” he said.
“The property market would also be boosted if laws and regulations covering ordinary apartments were created alongside those now governing condominiums, said U Myo Myint.