Overseas property buyers in Myanmar are now able to own apartments on the 6th floor or higher, according to an official draft of the Condominium Law which was published in the country last week.
The law also stipulates that foreign buyers can purchase up to 40 percent of apartments above the sixth floor in condominium buildings.
Speaking to local media, Capital Development General Manager U Soe Thiha Hlaing said that the property market will become more vibrant and would be bolstered by the provision to allow foreign ownership.
“This would, in turn, encourage more foreign investment in the real estate market in Myanmar,” he told The Myanmar Times.
“There is already a fair bit of interest in the Myanmar property market from foreigners – particularly from neighbouring Asian countries – and this law to allow foreign ownership would now pave the way to inject much-needed funds into the industry,” he added.
This is the first time that the Myanmar government has moved to make property ownership possible by individual non-Myanmar citizens.