The detail of the real estate related news

Yangon Government arranges the processes to sale the condominium to the foreigners during this month.

Myanmar real estate news U Phyo Thein, The Chief Minister of Yangon Region said on 3rd June, 2019 that they are managing to allow selling the condominiums in Yangon Region to the foreigners during this month.
“We are trying to issue the permission in a short time. After we have known detailed information and current situation from the Minister of Construction, we will announce the permission and it is only Yangon Region that has most condominium buildings” said U Phyo Min Thein, the Chief Minister of Yangon Region.

Although there is new condominium law enacted in 2016 to sell 40 percent of condominium building to the foreigners, Because of procedure including negotiation of terms and conditions, no foreigner is sold any condominium till now.

"The new Condominium Law of foreign ownership of up to 40 percent owned land and condominium unit. He is allowed to resell it. This is a special law enforcement and a foreigner will be owned 40 percent. But one more thing is that land ownership means that a foreigner can own it as long as the building exists. Later, it is no longer like that and a foreigner will won 40 percent too after having rebuilt the building” said U Myo Myint, the Chief General Secretary of Myanmar Construction Entrepreneur Association ( MCEA).

At present, local founder of the Condominium Buildings and foreign firms have been given 24 licenses and after they have been given permission and registration, foreigners will be allowed to buy condominiums.