{"id":16644,"date":"2016-06-15T18:24:15","date_gmt":"2016-06-15T11:24:15","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-one-thing-keeping-myanmar-real-estate-from-blossoming-is\/"},"modified":"2016-06-15T18:34:52","modified_gmt":"2016-06-15T11:34:52","slug":"the-one-thing-keeping-myanmar-real-estate-from-blossoming-is","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-one-thing-keeping-myanmar-real-estate-from-blossoming-is\/","title":{"rendered":"The one thing keeping Myanmar real estate from blossoming is\u2026"},"content":{"rendered":"


\nHint: It\u2019s not a cyclone
\nPhoto by Sassy Bairan
\nSky-high levy by the Myanmar government on property transactions has had a chilling effect on real estate activity and even encouraged tax evasion.
\nDesperate buyers are reportedly gaming the government\u2019s tax registration system via powers of attorney, enabling them to sidestep the exorbitant fees on property sales, The Myanmar Times reports.
\n\u201cTax increases have also impacted the construction sector,\u201d according to U Kyaw Kyaw Soe, associate secretary of Myanmar Construction Entrepreneurs\u2019 Association.
\nMyanmar\u2019s 2016 Union Tax Law was enforced in April with transaction fees on real estate sales starting from 15 percent and going as high as 30 percent \u2013 a five-fold increase from last year.
\nThe Myanmar government had reduced property fees to 3 percent last year in an effort to encourage purchases.
\nWithout the high taxes, the cost of owning real estate in Myanmar is already prohibitive due to high land prices. Annual office rents in Yangon are said to be\u00a0more expensive than Manhattan.
\nMore: Myanmar to grow the fastest in Asia-Pacific this year
\nMyanmar currently has no central registry system for documenting land owners, a function of either the Yangon City Development Committee or the Department of Human Settlement and Housing Development under the Ministry of Construction.
\nMeanwhile, the country\u2019s banking system is severely undercapitalised, with buyers more likely to snap up property with cash rather than mortgage.
\nThese and other factors have led to a glut in Yangon apartments. Unsold stock amounted to 6,654 units last year, twice that of 2014, according to Colliers International.
\nProperty developers are now pinning their hopes on the recently passed Condominium Law, which has finally allowed the sale of Myanmar apartments to foreigners.
\nOverall, Myanmar\u2019s economy has never been better off. The kyat has become Asia\u2019s top-performing currency this year so far and time will tell if the property sector will further benefit from it.
\nRead next: Finalists for Myanmar Property Awards 2016 unveiled
\n
\nSource : property-report.com
\nRead more…The one thing keeping Myanmar real estate from blossoming is\u2026<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Hint: It\u2019s not a cyclone Photo by Sassy Bairan Sky-high levy by the Myanmar government...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-16644","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-4ks","jetpack-related-posts":[{"id":34584,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wealthy-myanmar-investors-have-an-appetite-for-international-property\/","url_meta":{"origin":16644,"position":0},"title":"Wealthy Myanmar investors have an appetite for international property","date":"November 16, 2016","format":false,"excerpt":"\r Favouring it over local luxury housing Taking flight over Yangon. theskaman306\/Shutterstock Riding on a wave of popularity following the restoration of democratic functions in the country, Myanmar has been basking in a stream of inbound real estate investments in the past year. But in the hunt for luxury properties\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29461,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-bridge-that-will-change-yangons-real-estate-landscape\/","url_meta":{"origin":16644,"position":1},"title":"The bridge that will change Yangon\u2019s real estate landscape","date":"October 11, 2016","format":false,"excerpt":"\r Roads and other infrastructure projects from the Myanmar government and foreign entities will diversify growth around\u00a0the country\u2019s largest city Pedicabs at Dala township in Myanmar. maodoltee\/Shutterstock With the right infrastructure projects, and a little help from the World Bank, property growth could radiate from its present concentration in downtown\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14920,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/myanmar-to-grow-the-fastest-in-asia-pacific-this-year\/","url_meta":{"origin":16644,"position":2},"title":"Myanmar to grow the fastest in Asia-Pacific this year","date":"May 31, 2016","format":false,"excerpt":"\r An economic growth spurt ahead in Myanmar despite a stormy 2015 Yangon (Image credit: Grace Farson Blog) It seems to be clear skies ahead for Myanmar\u2019s economy, which is still riding high on recent reforms that has democratised society and eased international sanctions. In its latest Asian Development Outlook\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33701,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/myanmar-land-to-start-getting-some-action-with-new-law\/","url_meta":{"origin":16644,"position":3},"title":"Myanmar land to start getting some action with new law","date":"November 10, 2016","format":false,"excerpt":"\r Decades of leasehold at stake Panorama of developing Yangon. Perfect Lazybones\/Shutterstock In a bid to prevent the country\u2019s infamously pricey land from sitting idly, the Myanmar government is planning to lease state-owned plots to investors, Eleven Myanmar reported. State-owned land will be made available for leasing to the right\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43039,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/myanmar-real-estate-is-getting-better-and-stronger\/","url_meta":{"origin":16644,"position":4},"title":"Myanmar real estate is getting \u201cbetter and stronger\u201d","date":"February 6, 2017","format":false,"excerpt":"\r Slow and steady wins the race Downtown Yangon. Sira Anamwong\/Shutterstock A leading developer has expressed hope that sentiment for Myanmar property would grow more bullish as the country adjusts to the incumbent government, led by Aung San Suu Kyi\u2019s National League for Democracy (NLD) party. Serge Pun, executive chairman\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13350,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/yangon-to-host-inaugural-property-report-congress-myanmar\/","url_meta":{"origin":16644,"position":5},"title":"Yangon to host inaugural Property Report Congress Myanmar","date":"May 17, 2016","format":false,"excerpt":"\r PropertyGuru\u2019s high-level conference debuts in\u00a0one of Asian real estate\u2019s \u201clast frontiers\u201d Image credit: Exoticvoyages.com Property Report, Asia\u2019s leading luxury real estate, architecture and design publication, will bring for the first time the successful real estate networking conference Property Report Congress Myanmar to the Sule Shangri-La Yangon on Thursday, 30\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/16644"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=16644"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/16644\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=16644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=16644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=16644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}