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 of apartments above the sixth floor in condominium apartments.

The Condominium Law bill was first introduced to Pyithu Hluttaw in November last year. Property market observers at the time said they hoped the Law would help stabilize skyrocketing rental and sales prices for condominium apartments – some of which had more than trebled year on year.

According to the draft law text, condominiums must be constructed on blocks of land zoned for residential use and not smaller than one square acre. Smaller plots require the prior express approval of the Ministry of Construction before building work for a condominium can begin.

The law schedules the formation and activities of building management committees to oversee the management and maintenance of condominiums. If a completed condominium is more than 50pc occupied, such a management committee will be constituted by a residents’ caucus.

In the event a condominium is less than half occupied an interim caretaker committee will be assigned to the building from Department of Human Settlement staff.

The draft law does not specify heights or sizes of condominium buildings or individual apartments. The Myanmar Times has previously reported industry experts had warned against introducing too many restrictions in the Condominium Law for fear it would deter investors.

Source: Myanmar Times

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