The detail of the real estate related news

Changed rules of Contract market after ruin the market.

Myanmar real estate news
During in the past two to three year’s periods, Contract building market which was once one of the most popular was destroyed.

At that time, many of contractors were worked without license. But they lend other’s license and built many of flats over their budgets. But the buyer are few and not proceeding in construction for there was no income and they ran away from the work without completed the construction.

Therefore, there are many of the landlord faced difficulties who transfers to the contractors and building on their land. Because of that they cannot continued in building their flat which uncompleted one, and even unable to sell out. And then the landlord are became from the landlord to tenants, not only that they themselves also could not live in for the construction was built on their own lands with uncompleted.

Not only the landlords faced this problem but also those who purchased the property with advance payment system before completed the building were affected and lost their money and not getting the property too. “Most of the legal contract that can be prosecuted either registered but most of contractors are not registered”, said U Ko Ko Aung who experienced, lost hundreds of hundreds of money.