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Condominium law spurs market demand: report

The Condominium Law, enacted in January, has revitalised the property market by allowing 40-per cent foreign ownership of a condo, according to real estate experts.

A recent report by house.com.mm, a property services website, also says allowing foreigners to acquire condos has raised market demand.

The property dealing is quite low, but the rental market is active. People seek apartments for rent under Ks200,000 (US$150) per month, the report says.

Property prices in Yangon have skyrocketed since it became connected with global markets and began attracting foreign business persons.

Foreign investors have found Myanmar as an alternative to China, Singapore and Hong Kong for doing business in Southeast Asia.

Some experts say China’s economic stagnation has also affected Myanmar’s property market.

Lamudi, the parent company of house.com.mm, has ranked Myanmar as one of the more investor-friendly Asian countries in 2016, alongside the Philippines, Indonesia, Sri Lanka and Bangladesh.

 

Source: Eleven Media

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