• Burmese
Thursday, May 15, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
27 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home News Burma

Buyers Remain Cautious as Condominium Law Approved By Parliament

Kyaw Hsu Mon by Kyaw Hsu Mon
January 25, 2016
in Uncategorized
Reading Time: 2 mins read
0 0
A A
Buyers Remain Cautious as Condominium Law Approved By Parliament

Construction site in Mayangone Township

3.9k
VIEWS
Share on FacebookShare on Twitter

RANGOON — Burma’s outgoing Union Parliament on Friday approved a new Condominium Law, clarifying some property regulations and making 40 percent of units available for foreign purchase.

Three years in the making, the law is expected to breathe new life into a stagnating real estate market, though industry professionals predict foreign investors still await more reform.

Under the new law, foreigners will be able to buy units on the sixth floor or higher, but are not allowed to manage properties. Buyers will acquire shared ownership of the land on which the condos are built, viewed as an improvement over previous property laws favoring landowners over apartment owners.

RelatedPosts

Social Media and Street Protests: Myanmar’s Pushback Against Chinese Influence

Social Media and Street Protests: Myanmar’s Pushback Against Chinese Influence

April 17, 2025
1.5k
Examining the Role of Private Security Firms in Chinese Force Projection

Examining the Role of Private Security Firms in Chinese Force Projection

April 3, 2025
1.6k
Planeload of Cronies Accompany Myanmar Junta Boss on Russia Trip

Planeload of Cronies Accompany Myanmar Junta Boss on Russia Trip

March 7, 2025
9.5k

The law also outlines criteria for condominiums, detailing the number of floors, units, parking places, facilities and security required. Condominiums must be more than ix stories high with a footprint of at least 20,000 square feet.

Lower House lawmaker Khine Maung Yi, of the National Democratic Force party, told The Irrawaddy on Monday that the bill had been passed by both houses and that “details will be announced after the President [Thein Sein] approves it.”

Real estate professionals expect to see an uptick in sales, especially in the commercial capital Rangoon, where supply has exceeded demand amid a construction boom in recent years. The property market has also slowed since 2014 due to skyrocketing prices and concerns over political stability.

“There are many condos waiting to be sold in Rangoon, but the market has cooled down as many investors take a ‘wait and see’ approach to the country’s political situation and laws,” said Than Oo, vice chairman of the Myanmar Real Estate Association.

“But now I expect many developers will be happy, as foreign investors will come,” he added.

Some investors still remain cautious because of Burma’s as-yet incomplete tax reform agenda, according to Zin Min Swe, managing director of Mandalay-based CAD Construction. A number of lawmakers have proposed raising property and sales taxes, and enforcement is expected to become more stringent in the years to come.

“I am concerned that the government will try to control the property market with the tax laws; they will reassess the property taxes for these buyers,” Zin Min Swe said, explaining that until investors see a clear and fair tax policy, they are unlikely to rush in and buy residential properties.

In addition to vague and likely impermanent tax laws, investors want to see a number of other refinements to related policies.

Tony Picon, managing director of the US-based real estate firm Colliers International, said that buyers will be waiting for a clearer land titling system and changes to parking requirements, “which are hindering the condo sector.”

Your Thoughts …
Tags: A_FactivaInvestmentReal Estate
Kyaw Hsu Mon

Kyaw Hsu Mon

The Irrawaddy

Similar Picks:

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption
Burma

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption

by The Irrawaddy
September 14, 2023
28.6k

The arrest of ‘kickback king’ Lt-Gen Moe Myint Tun, once seen as a possible successor to Min Aung Hlaing, comes...

Read moreDetails
Myanmar Junta Arrests Thai Condo Buyers, Realtors as Currency Crashes
Business

Myanmar Junta Arrests Thai Condo Buyers, Realtors as Currency Crashes

by The Irrawaddy
June 4, 2024
27.6k

Monday’s arrests follow reports that Myanmar has become one of Thailand’s most lucrative markets for selling condos since the 2021...

Read moreDetails
Planeload of Cronies Accompany Myanmar Junta Boss on Russia Trip
Business

Planeload of Cronies Accompany Myanmar Junta Boss on Russia Trip

by Hein Htoo Zan
March 7, 2025
9.5k

Regime-linked businessmen are set to cash in on deals flowing from the 10 agreements signed between Russia and the Myanmar...

Read moreDetails
Myanmar’s Youth Flee—and They Aren’t Looking Back
Commentary

Myanmar’s Youth Flee—and They Aren’t Looking Back

by Aung Zaw
February 23, 2024
8.3k

In Thailand and farther afield, they join the wealthy and the educated who have already put down roots and invested...

Read moreDetails
Tracking the Business Empire of Myanmar Regime Stalwart Moe Aung and His Siblings
Investigation

Tracking the Business Empire of Myanmar Regime Stalwart Moe Aung and His Siblings

by Aung Thit
September 4, 2023
7k

In the second of a two-part series, The Irrawaddy’s Investigation Desk examines more of the vast business interests of the children of...

Read moreDetails
With Proposed Security Gambit, Beijing Decides ‘Enough Is Enough’ in Myanmar
Analysis

With Proposed Security Gambit, Beijing Decides ‘Enough Is Enough’ in Myanmar

by The Irrawaddy
November 21, 2024
4.9k

China’s establishment of a joint venture security company with the junta to safeguard BRI projects in Myanmar shows it no...

Read moreDetails
Load More
Next Post
Maintaining Arms Embargo is Crucial to Peace Process

Maintaining Arms Embargo is Crucial to Peace Process

China Releases

China Releases, Deports Swede Detained over Rights Group

No Result
View All Result

Recommended

Breaking the 60-Year Political Cycle in Myanmar

Breaking the 60-Year Political Cycle in Myanmar

3 days ago
1k
How Myanmar Junta Uses Air Force to Fight Its Corner

How Myanmar Junta Uses Air Force to Fight Its Corner

1 day ago
780

Most Read

  • Myanmar Resistance Briefly Captures Junta Battalion HQ in Bago

    Myanmar Resistance Briefly Captures Junta Battalion HQ in Bago

    shares
    Share 0 Tweet 0
  • JFM: 12 ASEAN Billionaires Fueling Myanmar Junta Terror Campaign

    shares
    Share 0 Tweet 0
  • How Myanmar Junta Uses Air Force to Fight Its Corner

    shares
    Share 0 Tweet 0
  • A Familiar Lie: Myanmar Junta Denies Deadly School Bombing

    shares
    Share 0 Tweet 0
  • Thousands Still Homeless as Naypyitaw Rebuilding Stalls

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.