The new condominium law was passed in 22nd January 2016.
Up to 40% of a condominium development may be owned by foreigner. There is no stipulation that foreigners must buy units above the sixth floor. Owners of the housing unit may sell, exchange, gift, lease, mortgage and bequest with Myanmar citizens; however with foreigners they can only engage in lease and mortgages.
To qualify as a condominium the building must meet the following criteria:
- Must be at least 6 stories built on land measuring at least 20,000 sq ft (1,858 sq meter).
- Owners of all the housing units must be collective owner of the land and all the common areas.
- The land must be registered with the relevant authorities as condominium land and is collectively owned by all housing unit owners in that condominium development.
Based on the above definition most existing “condo” and “condo” being built in Yangon don’t qualify as condominium under the new law.
Foreigners (or foreign entities incorporated in Myanmar) can only buy condominium using money that has been remitted from overseas i.e. profit generated from local Myanmar operations cannot be used to buy condominium.
Take note that the by-laws on how foreigners can legally buy a condo unit in Myanmar has not been passed yet.
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