Rent falls for Yangon expats

More supply and fewer foreign renters have caused rental prices in the high-end expat Yangon property market to fall, according to real estate industry figures – but a lack of data means the extent of the drop is hard to quantify. More landlords furnishing apartments to appeal to foreigner workers, the changing nature of the […]

Yangon realtors call for wide-reaching reforms

Yangon real estate agents are hoping the incoming government can breathe new life into the real estate sector, where sales have slowed over the past couple of years to a near-standstill, condominium units lie empty and a growing number of people areunable to afford basic accommodation. Growth in the sector – and the ultimate goal of providing affordable […]

Few ‘condos’ qualify under new law, say experts

The new condominium law – which will grant international buyers access to Myanmar’s real estate market for the first time – has been widely welcomed, but experts say just a handful of properties are initially likely to be eligible. After years of debate between the two houses of parliament, the law was passed on January […]

Condo Law sent back to the drawing board

Weaknesses in the recently completed draft Condominium Law need to be addressed before it can be promulgated, according to officials from the Department of Human Settlement and Housing Department (DHSHD). Although it is targeted to become law this year, some in the industry have pointed to a number of problems with the current draft. Virtually […]

Condominiums not covered by Condo Law

Nearly all of Yangon’s recently constructed “condominiums” may not qualify as condominiums under the draft Condominium Law, according to Yangon City Development Committee engineering deputy director U Nay Win. The draft law has been submitted to the Pyithu Hluttaw, but it stipulates a condo must be built on freehold land or land that was granted […]

Yangon appraisals fixed for property transaction taxes

Transaction taxes on Yangon property will become harder to avoid beginning October 1st as authorities complete a city-wide assessment of neighbourhood values, according to Yangon Regional Revenue Department officials. The moves comes in an attempt to combat buyers claiming an artificially low value for their home purchases in order to avoid paying a transaction tax […]