A total of 15,000 condo units are to be completed and foreigners shall be able to invest in them
According to the Collective Ownership Buildings Management Committee, condominium construction projects in Yangon will be authorised to resume following government-mandated inspections, reported Myanmar Times.
U Myo Myint, a committee member, said, “inspections for construction sites should be completed soon. Currently, inspection teams are examining contracts and tax payments, as well as land ownership details.”
Condominium land ownership registered under the Condominium Law shall be transferred into the Collective Ownership.
The committee is cooperating with the Office of the Union Attorney General, the Central Bank, the Internal Revenue Department, and the Office of Registrations of Deeds for issues related to registrations under the Condo Rules.
Once registered condo units are available on the real estate market, foreigners shall have buying rights.
As stated by the Condominium Law, foreigners can purchase at most 40 percent of a whole condo project and no more than 25pc of the units in a condominium.
Overseas investors can buy condo units solely through the official inward remittance process, and all nationalities are allowed to make investments.
A total of 15,000 condo units in the Yangon region are expected to be completed soon.
U Shein Win, chair of the Myanmar Construction Entrepreneurs Association, said that the country will highly benefit from the influx of revenue if merely 6,000 of such units are sold to foreign investors.
Numerous projects were scheduled to finish in 2021, but are now expected to be completed next year as COVID-19 restrictions have temporarily halted work in the construction industry.
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