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Burma eases condo laws to allow foreign buying

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. SEE ALSO: Why does China keep supporting Burma in the Rohingya crisis?  “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. ... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, Burma eases condo laws to allow foreign buying, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you Burma eases condo laws to allow foreign buying

 

 

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Published By: ASIAN CORRESPONDENT - Thursday, 17 January

 

 

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