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 […]

Prices of condo apartments fall by 20-30 % in Yangon market: real estate agents

U Nay Min Thu, managing director of iMyanmarHouse.com, a property website, said the commercial city of Yangon saw a 20 to 30 per cent decline in the prices of condominium apartments in comparison to 2013, according to a report of the Myawady Daily issued on Saturday. “Now the country’s property sector is facing a market […]

Delay in Companies Law Negative, but not Surprising

Implementation of the long-awaited Companies Law will be postponed until August 2018, Reuters reported Monday, citing top officials from Myanmar’s Directorate of Investment and Company Administration (DICA). Myanmar will delay implementing a new law that would have allowed foreign companies to take up to a 35 percent stake in local companies, bringing about badly needed reforms for […]

New Condominium Rules allow more flexibility for foreigners

Foreigners will be given more flexibility to invest in the local property sector, according to new rules under the Condominium Law announced Thursday. The Condominium Rules are the final steps of the implementation of the Condominium Law, which was approved last year. The rules, which were signed by the Union Minister for Construction on December […]

Collier Property Report – Yangon CONDOMINIUM Q3 2017

Affordability Remains Unadressed Over the last two quarters, the market has witnessed a slight uptick in demand following extensive pricing promotions for many projects. While this has buoyed overall sales take-up, Colliers sees the performance as temporary, and the strategy as financially unsustainable. We advise developers to look long term instead. Future projects should generally […]

Yoma Strategic Holdings profits drops 5.8% to $3.7m in Q2

Blame the lack of a $14.7m fair value gain from their telco towers investment. Yoma Strategic Holdings’ (Yoma) profits crashed by 56.8% YoY to $3.7m in Q2. According to OCBC Investment Research, there was an absence of a $14.7m fair value gain on the telecommunications towers investment which was recognised in Q2. Revenue grew 32.9% […]

Why the construction sector is ailing and how it could recover

To help the construction and real estate sectors expand and stay profitable, government support in the form of tax and loan policy reforms is necessary, developers said. Currently, developers must pay taxes of up to 10 percent on the sale of condominium units priced between K100 million to K500 million. Meanwhile, buyers must pay a […]

China ups its game in Myanmar’s SEZ race

CHINESE investors have expressed an interest in investing and developing the area across Yangon River and to construct an international airport, a port and housing projects, according to a local Chinese business association. The proposed locality and projects overlap with the prospective South Korea-led special economic zone. Members of the Yangon-headquartered Myanmar Chinese Chamber of […]

Citizens working overseas expected to boost demand for condo market

Real estate portal Shwe Property will be hold their first real estate expo in Singapore this month on August 26 and 27, targeting Myanmar citizens working in the city state. “It’s the first Shwe Property Expo catered to the Myanmar people working in Singapore. “Currently we have already over 1,350 registered visitors who are all […]

Building a better Condominium Law

Lack of clarity on foreign ownership, land use and building management committees in the Condominium Law are holding back growth in the property market.   By DUNCAN BURRY When the Condominium Law was enacted in early 2016, many hoped it would provide a framework that could spur development in the sector, not least by permitting […]