22 Dec 2017
MYANMAR: Condominium Development Sector Opened Up to Overseas Investors
For the first time, overseas-based companies and individuals have been cleared to invest in condominium development projects. While such investments have now been facilitated by the country’s recently enacted 2016 Condominium Law, land ownership remains restricted to Myanmarese nationals, with all overseas-based developers obliged to partner with local land-owners and to secure prior project approval from the Myanmar Investment Commission.
In terms of ownership, overseas buyers – including approved investors – may only purchase a maximum of 40% of the units on any given floor of a condominium development, while the overall number of foreign-owned units may not exceed 25% of the total number of units available. Under the terms of the legislation, a condominium development is defined as having a minimum of six floors and occupying a space equivalent to at least 2,025 sq m.
For further details, see MYANMAR: Amendments to Condominium Law Look to Limit Rights of Overseas Owners.