Developers Urge Government to Temporarily Reduce Tax to 5 percent

During a meeting with the Yangon Regional government held at MCC on February 17, construction developers urged the government to temporarily reduce the commercial tax from 30 percent to 5 percent for a period of two years. The Myanmar Licensed Contractors Association welcomed the income tax reduction in the Union Tax bill 2018, and supported […]

Investment commission aims to attract labour-intensive companies

The oil and gas, power supply, manufacturing, telecom and real-estate sectors have topped the list of foreign investments during this year, said Aung Naing Oo, secretary of Myanmar Investment Commission. China stands first on the list of foreign investors, Singapore, second and Thailand, third. “Foreign investors are at the moment most interested in the manufacturing […]

Wide-room apartments preferred in buyers’ market

With supply outweighing demand in the current real estate market, only transactions involving wider rooms are taking place, real estate agents said. Currently, supply is greater than demand in the apartment market. For this reason, buyers have more options and most of them more prefer wider rooms, said U Yan Aung, general manager at local […]

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% […]

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 […]

Real estate market still cool in Dala Tsp

Real-estate market in Dala Township is still cool despite the announcement of the Yangon- Dala bridge construction project, according to a report in the Myawady Daily yesterday. Authorities issued notice letters to apply eminent domain to residences and businesses in the path of the construction project, which will begin in October. The bridge is scheduled […]

Real estate market remains cool, expert says

Interview on 9 June with U Khin Maung Than, chair of the Myanmar Real Estate Services Association by May Thet Hnin, a reporter for the Global New Light of Myanmar. Q: What is the current conditionof real estate market? A: First of all, let me give you a brief history of the real estate market […]

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 […]

Real estate agent still waiting

The property market has warmed up a bit after the election but it will fully recover only after the first quarter of next year, real estate agents said. Currently, some property deals are being carried out with the lower prices, but most people that come to the agents are checking prices but not buying, realtors […]

Urban laws stuck in draft stage

The country needs modernised urban planning laws to keep with a rapidly changing real estate market, as legacy laws are unsuited for the purpose, according to experts. Yangon in particular faces numerous challenges that were not anticipated when the current urban planning rules were put in place. A slate of new laws and rules have […]