![](\"http:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/02\/Playing-the-waiting-game.png?fit=740%2C493\")
\nWith the recent approval of Burma\u2019s\u00a0condo law, experts hope that the change of government\u00a0will get the market back into high gear<\/p>\n
\nWith the recent approval of Burma\u2019s\u00a0condo law, experts hope that the change of government\u00a0will get the market back into high gear<\/p>\n
Economically and politically, Myanmar has undergone vast changes in the past few years. In fact, the country as it is today is almost unrecognisable from the military ruled, closed economy of not so long ago.
With the recent approval of Burma\u2019s\u00a0condo law, experts hope that the change of government\u00a0will get...<\/p>\n","protected":false},"author":1,"featured_media":4265,"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-4264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/02\/Playing-the-waiting-game.png?fit=740%2C493&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-16M","jetpack-related-posts":[{"id":82078,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/look-east-mncs-find-hong-kongs-alternate-cbd-to-central\/","url_meta":{"origin":4264,"position":0},"title":"Look east: MNCs find Hong Kong\u2019s alternate CBD to Central","date":"March 7, 2018","format":false,"excerpt":"\r Situated on the eastern side of Hong Kong Island and traditionally seen as a decentralised office area, the Hong Kong East grade A office market landscape is changing fast. The submarket has steadily evolved from being largely a corporate back office to the city\u2019s alternative central business district (CBD)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":157520,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shanghais-west-bund-defies-property-slump-as-it-attracts-mncs-like-bmw-adidas\/","url_meta":{"origin":4264,"position":1},"title":"Shanghai\u2019s West Bund defies property slump as it attracts MNCs like BMW, Adidas","date":"July 14, 2025","format":false,"excerpt":"\r Shanghai\u2019s West Bund, an 11km-long waterfront area in mainland China\u2019s financial capital, has bucked the property downtrend plaguing the sector, as companies and retail brands flock to office buildings and malls in the zone. The vibrant area, located on the west bank of the Huangpu River in the southwestern\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":53067,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mncs-plans-for-trump-linked-developments-broadband\/","url_meta":{"origin":4264,"position":2},"title":"MNC's plans for Trump-linked developments, broadband","date":"April 27, 2017","format":false,"excerpt":"\r Hary Tanoesoedibjo, MNC Group, talks about the resorts he will be developing in Indonesia in collaboration with the Trump brand, and fixed broadband roll out.\r \r Source : cnbc.com\r Read more...MNC's plans for Trump-linked developments, broadband","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106353,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-executive-centre-finds-a-market-with-in-house-baristas-plush-sofas-in-the-luxury-niche-of-hong-kongs-co-working-space\/","url_meta":{"origin":4264,"position":3},"title":"The Executive Centre finds a market with in-house baristas, plush sofas in the luxury niche of Hong Kong\u2019s co-working space","date":"April 23, 2019","format":false,"excerpt":"\r Office space operator The Executive Centre (TEC) believes that it has found a market in the luxury niche of Hong Kong\u2019s growing number of co-working space operators, as a strategy to survive the overcrowded market.\r\r\u201cI think of [the co-working sector] as the economy class of a flight,\u201d said TEC\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110074,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-attracted-8-1b-in-investments-despite-global-uncertainties\/","url_meta":{"origin":4264,"position":4},"title":"Singapore attracted $8.1b in investments despite global uncertainties","date":"August 21, 2019","format":false,"excerpt":"\r The figure already falls within The Economic Development Board\u2019s (EDB) $8 billion to $10 billion full year forecast and is also way higher compared to the $5.3 billion fixed asset investment (FAI) commitments posted over the same period last year. 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GuocoLand was named the country\u2019s Best Developer,\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\/4264"}],"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=4264"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/4264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/4265"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=4264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=4264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=4264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThe first contested election in 25 years was held in early November 2015, yielding a new ruling party in the National League for Democracy (NLD), and the economy has been opening up for several years, as evidenced by increased tourism, foreign direct investment and the burgeoning clutch of multinational companies (MNCs) in Yangon, the country\u2019s biggest city.
\nAs yet, however, the country\u2019s property market has been stuck in something of a low gear.
\nWith MNCs came foreign expats and developers hoping to cater to their needs and desires. Luxury developments followed and rental prices in the city skyrocketed.
\nBut while other sectors have opened up to foreign investment, the property market as it stands is frustratingly off limits.
\nForeigners are barred from purchasing or owning condos in Myanmar unless in a joint venture with a Myanmar native or through a build-operate-transfer (BOT) lease agreement with the government for 70 years.
\nAfter a boom period when local investors benefited from increased rental demand, stagnation has now set in.
\nA Condominium Law that would grant the right to buy to foreigners (with caveats) was recently approved by the Union Parliament\u00a0in January. The\u00a0progress on its passing had been maddeningly slow in the last three years.
\nIn anticipation of the last November election, the political process inevitably slowed down, meaning that the condo law was kicked into the long grass. But, with oversupply beginning to look like a major issue, many experts feel that the law represents the best method of kick-starting the market.
\nMore: New home to be offered to cancelled Shwedagon developments
\nA recent Colliers International report found that take-up rates during H1 2015 were at an all-time low of 49 percent. Total unsold inventory at the end of H1 2015 stood at 6,654 units \u2013 double the figure for the whole of 2014.
\nDespite substantial wealth among the elite, Myanmar remains a desperately poor country, meaning that locals are unlikely to pick up the slack. Hope, say many, rests with foreign investors.
\nThe Condominium Law was originally introduced to the legislature in 2012, but has been batted backwards and forwards between the upper and lower houses of parliament ever since.
\nAlthough in its substance the law is primarily concerned with providing a legal and regulatory framework for owners, one of its key powers is paving the way for foreign ownership.
\nBalahi Ramaswami, managing director of\u00a0House.com.mm, official property portal of the Myanmar Property Awards 2016, said the passing of the law would ensure the market \u201cbecomes more international and wider in comparison to the current localised form.\u201d
\nHowever, debates continue to rage over issues such as what actually constitutes a condominium and the fundamental issue of whether foreigners should be allowed to own property in Myanmar at all.
\n\u201cMany fear that allowing foreigners to own properties will force prices even higher,\u201d Ramaswami commented.
\nWith so much contention still around, the condo law as it stands may not be a satisfactory solution believe experts.
\n\u201cWe feel that the current draft still requires significant fundamental improvements before it is effectively enacted,\u201d said Richard Emerson, country manager for Savills Myanmar, in late 2015. \u201cAlso very few on-going or planned projects would satisfy the criteria for inclusion for foreign purchase.\u201d
\nMore: Myanmar Property Awards returns for a second year
\n\u201cIf the Condominium Law is enacted in its current form, it won\u2019t help to boost sales,\u201d agreed U Ko Ko Htwe, the vice chair of the Myanmar Construction Entrepreneurs Association. \u201cThere are many weaknesses.\u201d
\nThe macropolitics of Myanmar don\u2019t make the future of the condo law any less opaque. The new NLD government is a symbol of hope for many, but their successful election campaign was high in principles, but relatively short on policy. Therefore, it is unclear as yet how the new administration will deal with this particular piece of legislation.
\n\u00a0
\nWith the new government expected to make its intentions on real estate clearer in the months ahead, time will tell if the Condominium Law will open a new chapter in the Myanmar property scene.
\n\u201cWe will have to wait and see what the new government\u2019s view of real estate and land law will be, and if this includes any positive opportunity for foreign involvement,\u201d said Emerson.
\nThe Ministry of Construction is expected to announce further details of the Condominium Law, including floor designation, number of apartments, parking lots, and other building measures, in the coming months.
\nAfter years of frustration, it appears that patience will have to remain a virtue for long-time supporters of the Condominium Law.
\n
\nSource : property-report.com
\nRead more…It\u2019s been a long road for Myanmar\u2019s hotly anticipated condo law<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"