Condominium by-Laws Delayed With Govt Targeting Completion by Year’s End

A shortage of technical expertise has delayed the issuance of by-laws that would allow sales under the Condominium Law passed last January, industry sources say. Expectations that the law, which was finally passed after considerable debate and delay, would usher in a spate of foreign purchases of Myanmar real estate have so far proved unfounded. U […]

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 […]

Garment boom raises rents

An increase in garment manufacturing and demand for storage space is pushing up rental prices on industrial land. “Rents in industrial zones that host garment manufacturing and goods storage are up,” Myanmar Real Estate Services Association vice chair U Than Oo told The Myanmar Times this week. “It’s happening in nearly all zones. The rental […]

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 […]

Rental gap narrows as Yangonites seek suburbia

High rental costs downtown, allied with cramped accommodation, congestion and noise, are driving business and residential tenants out into the suburbs, pushing up rental costs in the leafier areas of the city. Recent strides in the mobile phone and internet industry have made communication cheaper, acting as a push factor toward suburban development, said property […]

Real Estate Pro: ‘Overall, the Market Has Cooled Down’

Since earlier this year, Rangoon’s formerly dynamic real estate market has seen a striking cool-down in key locations in the city. While many factors have contributed to this economic malaise, Burma’s Nov. 8 general election, which is hoped to be the country’s freest and fairest in decades, has surely played a part. Because of the […]

Developers hope Condo Law brings life back to market

Developers are pinning their hopes on completed Condominium Law this year to jumpstart the quiet property market. Foreigners are currently barred from buying condo units, though a draft of the law has said foreigners would be able to purchase units on the sixth floor or above, up to a maximum of 40 percent of the […]

Realtors in Myanmar seek to build up property business network

YANGON, May 3 (Xinhua) — Realtors in Myanmar gathered here recently to seek ways of building and strengthening a network among the nation’s real estate industry business amid slumping property market. Real estate agents, brokers and other industry figures urged the government to issue licenses for real estate brokers, draft a real estate law and […]

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 […]