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Cooling Property Market Expected to Revive This Year

Thanks to the enactment of the New Companies Law and the emergence of bylaws for condominium developments, the country may see an inflow of foreign direct investment (FDI) to reactivate the cooling property market, according to Aung Naing Oo, secretary of Myanmar Investment Commission.

“Take a look at the FDI situation, there may be both positive impacts and negative impacts in 2018. I think the positive impacts may outnumber the negative ones,” he said.

“The first point is the Investment Law enacted since April, 2017 has gained momentum. The second point is there may be significant changes when the Companies Act comes into effect in August, 2018. Especially, there may be foreign capital inflow. The third point is the bylaws for condominiums have emerged. These bylaws could make the cooling property market revive,” he continued.

As the EU has suspended a plan to sign the Investment Protection due to the Maungdaw violence in Rakhine State, a massive influx of investments from the western countries cannot be expected this year.

“The Maungdaw cases have tarnished the image of the country. We planned to sign the agreement in 2017 and made strenuous efforts to promote the massive inflow of investments from the EU into the country in 2018 and 2019. We had to prepare it for three years,” Aung Naing Oo said.

“To sum up, the country sees strong law and legal framework from the legal infrastructure point of view. The economy sector creates favourable conditions and a lot of opportunities for investors. The country will see an inflow of labour-intensive investments into every sector.”

 

Source: Eleven Myanmar

 

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