14 Sept 2017
MYANMAR: Amendments to Condominium Law Look to Limit Rights of Overseas Owners
Overseas buyers will be allowed to own only up to 25% of all units in any given condominium project in Myanmar under the proposed changes to the 2016 Condominium Law. The amended legislation will end overseas buyers’ in-perpetuity land ownership rights with regard to the floor area of their purchased unit(s). In future, any such entitlement will end when the condominium in question is demolished or otherwise taken out of commission.
Under the proposed amendments, condominium developers will also be obliged to notify the relevant government property registration agency upon completion of 30% of any given project’s foundations. The pre-construction sale of any units on the site will only be permitted subsequent to this notification being submitted, while all proceeds from any such sales must be deposited in a designated bank account and reserved solely for meeting the construction costs of the project in question. Additionally, in a bid to clamp down on property speculation, at least 75% of the developed property has to be offered for sale. No date has yet been announced for the formal adoption of the proposed changes.