Delays in formulating bylaws for the new Condominium Law is stifling much needed foreign investment in the property sector, according to industry experts.
Despite the Condominium Law being passed in January 2016 policy makers have still yet to issue bylaws aimed at finalising the terms and conditions in which foreigners can own and loan money for condos in Myanmar.
“The bylaws have been pending approval for a long time. I know the parliament was reviewing the law to fix its weaknesses but it’s taking a very long time to legislate,” said U Aung Than, a real estate agent in downtown Yangon.
The Condominium Law enables foreign investors to own up to 40 percent of units in developments with a footprint of at least 20,000 square feet and no less than six storeys in height.
Under the law, foreigners can buy units on the sixth storey or above but are forbidden in taking management roles in new condominiums.
Until the bylaws have been issued, local banks will not offer loans to forsigners for condominiums built under the build-operate-transfer (BOT) system.
The law, which began being drafted in 2013, was aimed at stimulating the country’s flagging property market and while industry experts predicted foreign investors would wait for further reforms before taking the plunge, almost a year and a half after the outgoing USDPgovernment approved the law, little progress has been made.
“The Condominium Law could have a positive impact on both the real estate market and the banking sector in terms of the dollar exchange rate if the government could legislates the bylaws,” said U Than Lwin, senior consultant to KBZ Bank.
“If these bylaws were there, foreign investment would flow into Myanmar which help stabilize the dollar exchange rate and the increased demand would help develop the market.”
Source: Myanmar Business Today
Jun 1, 2017
Delays Issuing Condominium Bylaws Hindering ‘Much Needed’ Foreign Investment"


Delays Issuing Condominium Bylaws Hindering ‘Much Needed’ Foreign Investment"
2017-06-01T12:54:00+06:30
Evelin Petkov
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Delays Issuing Condominium Bylaws Hindering ‘Much Needed’ Foreign Investment"
2017-06-01T12:54:00+06:30
Evelin Petkov