The condominium law, passed in january, 2016, permits overseas buyers to own up to 40 per cent of a condo building. Foreigners have shown little interest in myanmars condominiums on account of their inability to meet the condominiums criteria and the weakness of law, according to an analysis by the real estate website. Parliament passes condominium law the myanmar times. This is the law that, if passed, will allow foreign ownership of. The condo law stipulates that the collective owners of a condominium are responsible for maintaining the sanitation and security systems of the condominium. Yangon after a near twoyear wait, the ministry of construction has issued rules for the condominium law that will open the property market to foreign buyers. On 19 january 2016, the highly anticipated condominium law the law had been passed by the outgoing pyidaungsu hluttaw after publicised deliberations which spanned more than three years. There is no stipulation that foreigners must buy units above the sixth floor. With investment in myanmars condominium market slowing considerably over the last year, the introduction of the condo rules reflects the. Condominiums constructed before this law has been enacted, or condominiums under construction when this law is enacted, shall be registered in accordance with sections 7 and 8 of this law. Under the former draft of the condominium rules, foreigners could own 40 percent of the total units above the 6th floor only.
The state law and order restoration council law no. The condominium management committee has been finetuning the registration process under the condominium law, and will accept registrations in early 2020, said u myo myint, general secretary of the myanmar construction entrepreneurs association mcea. The condominium law, for the first time, allows foreign nationals to legally purchase condominiums in myanmar. Condominium rules to be finalised in december global new. With investment in myanmars condominium market slowing considerably over the last year, the introduction of the condo. This new condominium rules were approved by the union minister of construction on december 7, 2017. Foreigners not much interested in myanmar condominium. Finally, the long awaited condominium law is passed by pyidaungsu. Myanmars new law and process for compulsory land acquisition. Feb 01, 2018 in december 2017, the ministry of construction passed the much anticipated condominium rules under notification no.
After decades of highly controversial land acquisitions for public purposes, myanmar turns a new page by passing the land. You can search the law, click law title or law context, and then enter search keyword. In december 2017, the ministry of construction passed the much anticipated condominium rules under notification no. Kelvin chia yangon organized a seminar on condominium law march 2018. Instead, the law has fuelled uncertainty, prolonging the torpor. Jan 25, 2016 parliament passes condominium law mired in legislative gridlock until the dying days of the outgoing government, the condominium law finally squeaked through parliament on january 22 after years of backandforth argument between the upper and lower houses. Khin maung than, chairperson of myanmar real estate entrepreneurs association said, we welcome condominium law that grants foreigners the right to buy a unit in a condominium. The condominium law, enacted in january 2016, prescribed a broad framework for condominium developments in myanmar. With investment in myanmar s condominium market slowing considerably over the last year, the introduction of the condo rules reflects the myanmar. In addition, there also exist collections of law reports such as the rangoon law reports and the myanmar burma law reports, which only feature selected cases from the upper courts. The law permits foreign nationals to buy condominiums legitimately for the first time in myanmar. The republic of the union of myanmar the draft condominium law. Other recent legislation, including the condominium law and rules and the. Owners of the housing unit may sell, exchange, gift, lease, mortgage and bequest with myanmar citizens.
Dec 15, 2017 new condominium rules allow more flexibility for foreigners the condominium rules are the final steps of the implementation of the condominium law, which was approved last year. Building a better condominium law frontier myanmar. Before its enactment in early 2016, many hoped it would provide an operable framework that could spur development not least by permitting foreign ownership. Law in myanmar openair displays of cartoons and caricatures are new to myanmar since press freedom was introduced in 2012.
Myanmar condo law allows foreigners 40% ownership re. If a condominium fails to meet all of these conditions, it can nevertheless be registered with special approval by the ministry. The recently enacted condominium law and rules have eased involvement in condo construction. Condominium law approved, an inroad to foreign ownership of real estate in myanmar finally, the long awaited condominium law is passed by pyidaungsu hluttaw but the questions remain on everyones breath. With investment in myanmar s condominium market slowing considerably over the last year, the. Foreign individuals can own up to 40 percent of the total floor area of a condominium, however no individual may own more than 25. The law is expected to boost the countrys stagnating real estate market and generate foreign currency by allowing foreigners to purchase up to 40 per cent of a condominiums housing units. The condominium law 2016 on 29 january 2016, the myanmar parliament passed the longawaited condominium law 2016, pursuant to which foreigners and foreignowned companies may purchase up to 40% of the housing units in condominiums.
New condominium rules allow more flexibility for foreigners. Jun 23, 2017 duncan burry lays out a path for a revised condominium law. New condominium rules to encourage foreigners property. The ministry and relevant organisations have been developing the condominium law since 20. Laws, decrees, bills and regulations relating to land, property and. Moreover, it translated laws into english and published in three volumes as myanmar laws 19881989, myanmar laws 1997 and myanmar laws 19981999. Region as most condominium projects will be located there and a condominium registration office. Myanmars condominium law has not helped the quiescent condominium market. But, we dont know exactly how foreigners are allowed to buy 40 percent of condominium units because detailed rules and regulations have not been announced yet. The following expressions contained in this law shall have the meanings given hereunder. In a property development the maximum share allocated for foreigner units is 40%. Duncan burry lays out a path for a revised condominium law.
The condominium law condominium law was enacted in 2016 but could not be implemented due to uncertainty. Dec 18, 2019 the condominium management committee has been finetuning the registration process under the condominium law, and will accept registrations in early 2020, said u myo myint, general secretary of the myanmar construction entrepreneurs association mcea. Burma law reports 19481988 myanmar law reports 1989until now international law. Myanmars union parliament has passed a draft condominium law that will allow foreigners to own up to 40 per cent of a condominium building. Condominium law foreign investment in myanmar proposed amendments for those who follow our blogs, you will know that we have reported several times on the discussions relating to the proposed condominium law in myanmar.
Land rights and the myanmar condominium law pedro jose. In addition, the availability of private loans to local property buyers to purchase property has supported the positive outlook of the construction sector. The rules, which were signed by the union minister for construction on december 7, will be published soon and comes amid a slowdown in the local construction and. According to the new condominium law, foreigners have the right to buy condominiums, but the lack of quality has led foreign expatriates. However, the law also stipulates that said foreigners are not allowed to manage condos, so those looking to rent out units should be aware. A blueprint for building an implementable and effective. New condominium rules allow more flexibility for foreigners the condominium rules are the final steps of the implementation of the condominium law, which was approved last year. Yangon after a near twoyear wait, the ministry of construction has issued rules for the condominium law. On ownership, the assumption under myanmars law is that the foreign share is calculated. This myanmar condo law has done the opposite of what it intended. Arbitration law 2016 on 5 january 2015, the myanmar parliament finally passed.
The condominium rules are the final steps of the implementation of the myanmar condominium law, which was approved in 2016. So far, some 40 developers have come forward to register condominiums, said u myo myint oo general secretary of the myanmar construction. However, the law states that foreigners will not be able to manage the condos, creating some uncertainty about whether the condos will be able to be rented. Myanmar condominium law 2014 foreign ownership pdf. Condominium law rules open market to foreign buyers.
The ministry of construction has put concerted efforts to finalise the condominium rules, which will include exact provisions and procedures before the end of december, according to a spokesperson of the ministrys department of urban and housing development. The condo rules establish a framework for the maintenance of the condominium by requiring that an executive committee be established to manage each condominium. Condominium law approved, an inroad to foreign ownership. This law shall cover the naypyitaw development area, the yangon city development area, the mandalay city development area and the towns and regions specified by notification issued by the ministry of construction with the approval of the union government. Laws, decrees, bills and regulations relating to land.
On january 22, after 3 years of deliberation, the new condominium law was passed by the parliament on january 22. These copies are targeted at foreign and local actors who are. A condominium is defined as part of a building with six floors or more on collectively owned land. Up to 40% of a condominium development may be owned by foreigner. Myanmar, opening up the possibilities for businesses to get loans for construction projects.
This guide to law online burma contains a selection of burmese legal, juridical, and governmental sources accessible through the internet. The new law gives foreigners the right to buy up to 40 percent of units in a condominium project. Vagaries to the 2016 condominium law have put off prospective investors in projects that may or may not qualify as condominiums. In december 2017, however, the ministry of construction issued the condominium rules condominium rules to boost up the condominium market in myanmar. Myanmar condominium law 2014 foreign ownership official. The myanmar law information system is a website providing service of the myanmar law information sel font zawygione pyidaungsu by menu all search union laws subordinate legistration of union laws region or state laws self administrated zonedivision laws treaty precedent schedules or forms. Myanmar s union parliament has passed a draft condominium law that will allow foreigners to own up to 40 per cent of a condominium building. Emerging opportunities in myanmars construction sector. Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics. Mar 20, 2018 on 19 january 2016, the highly anticipated condominium law the law had been passed by the outgoing pyidaungsu hluttaw after publicised deliberations which spanned more than three years. After three years, regulations under condominium law firm up the. The myanmar law information system is a website providing service of the myanmar law information. Foreigners now have the right to lease, buy, exchange, lease or give a unit that is on the sixth level and above on condominimums in myanmar.
The condominium law stipulates criteria necessary for a project to qualify as a condominium suitable for foreign ownership. This law shall cover the naypyitaw development area, the yangon city development area, the mandalay city development area and the towns and regions specified by notification issued by the ministry of construction with. Citation and commencement of this law and definitions a this law shall be called the myanmar companies law. Housing, land and property rights in burma the current legal framework. It defines a publicowned condominium, as the one that has six or more floors and built. From 1962 onwards, myanmar was under military control, and laws were issued to keep the population in check. Myanmar condominium registration office established and. Condominium law approved, an inroad to foreign ownership of. This myanmar condo law has done the opposite of what it. Last 19 january 2016, the highly anticipated condominium law the law had been passed by the outgoing pyidaungsu hluttaw after publicised deliberations which spanned more than three years. The key highlights of the condominium rules are set out below. Laws are filed under common property and limitation act.
An unequivocal statement in the condominium law that it supersedes previous law or qualifies as a permitted exemption would provide clarity. With investment in myanmars condominium market slowing considerably over the last y. The condominium management committee has been finetuning the registration process under the condominium law, and will accept registrations in early. Condominium law foreign investment in myanmar proposed. On the whole, it is important to note that the law and the rules and, consequently, the contents of this analysis will only apply to a limited number of buildings in myanmar. Condominium law approved, an inroad to foreign ownership of real estate in myanmar. With the overwhelming interest on the implementation of the condominium law, this is a muchwelcomed step for the investors in the real estate sector. With investment in myanmar s condominium market slowing considerably over the last y. Total foreign ownership in any one project, however, is limited to 40 percent of total project space. The new condominium law was passed in 22 january 2016. Thailands condominium law contains a clear statement that any previous inconsistent laws are superseded. Myanmar condo law allows foreigners 40% ownership re talk. With investment in myanmar s condominium market slowing considerably over the last year, the introduction of the condo rules.
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