The regional government of Yangon Division Prime minister U Phyo Minn Thein said that they prepare the permit for selling condo in Yangon to foreigner within this June.
According his words “They hardly try for the best. They will launched the details after discuss with their Government Team”.
Although there was launched the law for Foreigner’s Selling Law in Myanmar on the end of 2016, we did not action this law because of prepare and discussion. According these law, local owner can sell 40% of the building to Foreigner.
In the old condominium law, although Foreigner can own both land and apartment or condo 40% of this building. But foreign buyer can own the land till the building alive, if building destroyed some disaster.
In this new condo law, foreign buyer will get right if building destroyed some disaster after new building according by the said of General Sectary of Construction Organization U Myo Myint.
In current, the government of Construction allow 24 License for both Local and Foreign Construction Company for public share building, after that they allow to sell to the foreigner.
The real estate service organization of Myanmar was signed MOU with ASEAN countries. So Myanmar need to the specific law for Real Estate and Construction.
Because this law can protect for both buyers and sellers that why foreign Investment will improve in Myanmar. And the Government also get the official tax and Government will handle and keep the high rise price in market.
Our Myanmar’s economy sector will be grow over % in 2018-2019 and The government of Yangon also invite to invest in Real Estate Sector.
We think above the new condominium law is the great news and opportunity for Foreign Buyers and Investors. So this time in Myanmar is actually right time to invest for your property. Welcome to our country of Myanmar.