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Confident of long term growth, Serge Pun bets big on tourism, property

Investors looking for clues on where the Myanmar economy is headed may glean some insight from Serge Pun’s recent corporate maneuvers. The 65-year-old Myanmar tycoon has not been idle of late. Last month, units of Peninsula Residences Yangon, a collection of 96 private luxury homes, went on sale. The homes are part of the Yoma […]

Real Estate Sector to Pick up on Back of Foreign Demand

Demand in the Myanmar real estate market is expected to pick up in 2018 now that the rules to the new Condominium Law have been released. Under the new rules, property investments by foreigners are expected to spike, said U Aung Naing Oo, secretary of the Myanmar Investment Commission. The rules, which were released in […]

Property prospects positive for 2018, real estate agents say

Real estate agents believe prospects are looking good for the Myanmar property market in 2018. “Prospects in the real estate market will be brighter this year after the government released the rules to the Condominium Law at the end of last year,” said U Thet Naing Oo, managing director of real estate legal services firm […]

Rules to new Condominium Law now being refined, will be enacted soon

Regulations to the 2016 Condominium Law, which will be enacted soon, will allow foreign nationals to take a maximum stake of 25 percent in a condominium property, among other new provisions, said U Nway Hmu, deputy director of the housing division under the Urban and Housing Development Department. The real estate market in Myanmar has […]

High tax rate resulted in low demand in condominium market

With the high tax rate levied on property, the luxury condominium market is cooling, the developers said. According to the new Condominium Law, 20 per cent of the value of a condo worth between Ks 30 and Ks 100 million if the buyers failed to explain how they earn and 30 per cent for a […]

Few ‘condos’ qualify under new law, say experts

The new condominium law – which will grant international buyers access to Myanmar’s real estate market for the first time – has been widely welcomed, but experts say just a handful of properties are initially likely to be eligible. After years of debate between the two houses of parliament, the law was passed on January […]