Street vendors not satisfied with YCDC’s arrangement

Street vendors from Lanmadaw, Pabedan, Latha and Kyauktada do not have enough space to sell their wares on Strand Road, according to street vendors on Monday at a press conference. Yangon City Development Committee (YCDC) took photos of the shops to give a space to the venders to sell on Strand Road, but it was […]

Yangon real estate bodies take aim at unlicensed foreign firms

Illegal foreign-run real estate agencies are “snatching” work from licensed agencies, real estate professionals are complaining. They say the influx of foreign investors and companies and the boom in the construction of luxury homes have been accompanied by an upsurge in activity by unlicensed foreign estate agents. And now they want to put them out of business. […]

New real estate taxes could hurt Yangon’s poorest

Already high, apartment rents and sales prices in six downtown Yangon townships will almost certainly head further north with the adoption of the 2016 Union Taxation Law, real estate agents told The Myanmar Times. The new law, effective April 1, imposes a minimum 15 percent tax on property transactions, up from 3pc in last year’s […]

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 […]

Garment boom raises rents

An increase in garment manufacturing and demand for storage space is pushing up rental prices on industrial land. “Rents in industrial zones that host garment manufacturing and goods storage are up,” Myanmar Real Estate Services Association vice chair U Than Oo told The Myanmar Times this week. “It’s happening in nearly all zones. The rental […]

Informal contracts risk bite buyers

Most property buyers are using informal contracts that fall short of transferring full legal ownership and fail to stand up in court, a senior official from the Internal Revenue Department (IRD) told The Myanmar Times. A variety of property purchases – including those of apartments and condominiums – are usually made using informal contracts. But […]

Thai rice illegally imported into Myanmar

As domestic rice prices increase, cheaper and higher quality rice is now being illegally imported from Thailand, Myanmar rice traders say. Speculation over rice shortages since nationwide flooding in July and August increased transportation costs in some areas, and high production costs for farmers have driven up rice prices around the country. To still the […]

Election Has Speculative Land Purchasers Running

Investors are closely watching the 2015 elections, as this uncertainty has led the real estate market to slow down over 50 percent from last year, according to an official from the Myanmar Real Estate Service Association. “The market is cooling down due to the election, but we need to watch things carefully after 2015 also,” […]

Real estate agents warned off dirty money and foreign buyers

Real estate agents have been asked to watch out for attempts to launder money through the property sector and to avoid selling to foreigners or speculators. The Myanmar Real Estate Services Association (MRESA) recently met with international anti-money laundering organisations to discuss the ill-gotten funds that are reportedly laundered through the property sector, said U […]