{"id":2852,"date":"2016-01-27T18:39:38","date_gmt":"2016-01-27T11:39:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/myanmar-parliament-approves-40-foreign-ownership-of-condos\/"},"modified":"2016-01-27T19:21:37","modified_gmt":"2016-01-27T12:21:37","slug":"myanmar-parliament-approves-40-foreign-ownership-of-condos","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/myanmar-parliament-approves-40-foreign-ownership-of-condos\/","title":{"rendered":"Myanmar parliament approves 40% foreign ownership of condos"},"content":{"rendered":"


\nThe landmark Condominium Law is hoped to\u00a0increase overall foreign investment
\nImage credit: Ann Wang (Frontier Myanmar)
\nMyanmar\u2019s Union Parliament finally passed the draft of the Condominium Law that will legally permit foreigners to own up to 40 percent of a condo building, Eleven Myanmar reported.
\nUnder the law, a \u201ccondo\u201d is defined as a building with six storeys on land measuring 20,000 sq ft (1,858 sqm).
\nThe long-awaited bill was formally approved on 22 January and was officially announced this weekend.
\nIt has been a long road for the Condominium Law, which has disputed between the parliament\u2019s two houses for more than three years, according to Frontier Myanmar.
\nMore: What now for Myanmar\u2019s property market?
\nWhile foreigners are legally allowed to buy units not exceeding 40 percent of a condo building, the law stipulates that foreigners are not permitted to \u201cmanage\u201d condos, which has raised questions whether they will be allowed to rent out the units or not.
\nMyanmar Union Parliament on 22 January 2016
\nAnother confusion arose when Khaing Muang Yi, a Lower House MP from Ahlone, told the media: \u201cCondo\u00a0owners shall\u00a0have\u00a0the shared ownership of\u00a0both\u00a0the\u00a0land and\u00a0apartment.\u00a0Both\u00a0contractors and\u00a0landowners shall\u00a0give up\u00a0their\u00a0shared ownership.\u00a0Those who\u00a0buy the\u00a0apartment\u00a0will\u00a0own a proportion of the\u00a0land and\u00a0apartment.\u201d
\nExisting laws in Myanmar prohibit foreign entities to own land.
\nMore: New home to be offered to cancelled Shwedagon developments
\nBefore the parliament passed the bill last Friday, a director of Myanmar\u2019s Directorate of Investment and Company Administration (DICA) told the Myanmar Times that the Condominum Law could help reverse the decline of foreign investments in the country.
\nDICA director Daw Mar Lar Myo Nyunt said that the new law would allow foreign investors to \u201cgain access to the real estate market\u201d signaling that the current government was \u201ca reliable partner.\u201d
\nFurther details of the Condominium Law, including floor designation, number of apartments, parking lots, and other building measures, will be announced by the Ministry of Construction.
\nRead next: Myanmar Property Awards returns for a second year
\n
\nSource : property-report.com
\nRead more…Myanmar parliament approves 40% foreign ownership of condos<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The landmark Condominium Law is hoped to\u00a0increase overall foreign investment Image credit: Ann Wang (Frontier...<\/p>\n","protected":false},"author":1,"featured_media":2853,"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-2852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/01\/Ann-Wang_Frontier-Myanmar.jpg?fit=740%2C493&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-K0","jetpack-related-posts":[{"id":4264,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-been-a-long-road-for-myanmars-hotly-anticipated-condo-law\/","url_meta":{"origin":2852,"position":0},"title":"It\u2019s been a long road for Myanmar\u2019s hotly anticipated condo law","date":"February 9, 2016","format":false,"excerpt":"\r With the recent approval of Burma\u2019s\u00a0condo law, experts hope that the change of government\u00a0will get the market back into high gear Economically and politically, Myanmar has undergone vast changes in the past few years. 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Sean Pavone\/Shutterstock There are now \u201cover a hundred\u201d real estate businesses owned by foreigners in the Yangon Region of Myanmar this year and they are blatantly breaking the law, according to MP Win Maung of Hlaingthaya Township. \u201cSince\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18122,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/top-10-predictions-for-yangon-real-estate-in-2016\/","url_meta":{"origin":2852,"position":2},"title":"Top 10 predictions for Yangon real estate in 2016","date":"June 30, 2016","format":false,"excerpt":"\r We\u00a0divine what lies ahead for Myanmar\u2019s resurgent city Image credit: mmbiztoday.com Some real estate brokers have doubts that property prices in Yangon will return to peak levels seen in 2013 and 2014. 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