Foreigners Allowed to Buy Jointly-Owned Condominium Apartment in Myanmar

YANGON, Jan. 2 (Xinhua) — Foreigners have been allowed to buy jointly-owned condominium apartment following the new rules under the Condominium Law announced early last month, said legal expert U Naing Lin Zaw Tuesday.

In an interview with Xinhua, U Naing Lin Zaw clarified that the minimum requirements for a condominium project are to build at least six flats on an area of 20,000 square-feet and above which is registered as jointly-owned land at lease.

However, the law has yet to designate the location allowable for foreigners to purchase such condominium apartment, he said.

He added that under a single name, foreigners can only buy 25 percent or less of the floor area.

He further clarified that foreigners enjoy the rights of joint ownership permissible for re-sale, lease, custody and pawn as well as claim for inheritance out of death or deportation.

He stressed that it is necessary to monitor the income sources of the foreigners for buying condominium apartment to prevent money laundering within the country.

Meanwhile, Myanmar authorities will enforce a new Companies Law from Aug. 1 this year, aiming at attracting more foreign investment.

According to the Directorate of Investment and Company Administration (DICA), under the new law, foreign investors are allowed to take up to 35 percent in a local company.

Previously, even a company with even 1 percent of its shares owned by a foreign investor was classified as a foreign company, instead of a local company.

The new law states that foreigners can legally own unmovable properties including condominium apartments which foreigners were not allowed to buy in the past.

The law’s change of designation of the foreign capital signals the pouring in of increased foreign investment and the relaxation of doing businesses by foreigners in the legal aspect also contributes to the government’s obtaining of monetary and technical assistance, economic experts said.


Source: The Xinhua Net


To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.


To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page “Actual Sample of Client Report”. Click here to go to page.


Do you know that IE Singapore is giving ≤ SGD 20, 000 support under the MRA Grant and > SGD 20,000 under the GCP Grant for Singapore companies to venture into Myanmar? To learn more click here.


If you have Request for Quotation (RFQ) or Tender Announcement that you want us to publish for FREE in the Tenders & Awards section of our website please submit to us at tender(at) for our consideration.

Looking for foreign investors to invest in your business in Myanmar