Applications for public flats invited

Yangon regional government has announced people can apply for public rental apartments in South Dagon Township from Monday until February 15. An official said: “People need to get the forms at their township general administration offices. The rent will be Ks30,000 per month.” About 1,200 homes are planned with applicants picked at random if demand […]

Parliament passes condominium law

Mired in legislative gridlock until the dying days of the outgoing government, the condominium law finally squeaked through parliament on January 22 after years of back-and-forth argument between the upper and lower houses. The president still has to approve the law, but in principle foreigners will now have the right to buy up to 40 […]

Informal contracts risk bite buyers

Most property buyers are using informal contracts that fall short of transferring full legal ownership and fail to stand up in court, a senior official from the Internal Revenue Department (IRD) told The Myanmar Times. A variety of property purchases – including those of apartments and condominiums – are usually made using informal contracts. But […]

Housing project prices spark public anger

The price of apartments in Myanmar’s largest housing development project, which will be sold to buyers later this year, has been met with anger from the public. Low-cost housing is being built in Dagon Seikkan township in Yangon. StaffLow-cost housing is being built in Dagon Seikkan township in Yangon. Staff The 120-acre Ayeyarwon development project […]

Rental fees in Yangon still on the rise

The rental fees for houses and apartments in Yangon will be increasing until July, according to the real estate experts. The monthly rent for housings varies between Ks 200,000 to 300,000 (US$200 to 300) for an apartment; Ks 2.5 to 30 million (US$2,500 to 3,000) for a condo; and Ks 4 to 5 million (US$4,000 […]

Yangon gov’t to sell apartments at Ks 12 million per unit

YANGON—Apartments from the Shwe Linban low-cost housing project, located in Hlaing Thayar Township in Yangon, will soon be sold at less than Ks 12 million (US$ 12,000 ) per unit, according to the Department for Human Settlement and Housing Development. “The Yangon regional government is now discussing the sale of apartments from the Shwe Linban […]

Foreign ownership scheduled in Condo Law

Foreigners will be eligible to own apartments on the 6th floor or above of condominiums, according to an official draft of the Condominium Law published on November 10 in The New Light of Myanmar. The full text of the draft law also specifies foreigners will be able to buy up a maximum of 40 percent […]