Weak legal structure, expensive land, lack of liquidity, and an undercapitalized banking system have discouraged land purchase and ownership in Yangon, the capital of Myanmar. This has led to a challenging property market, particularly in the residential sector. To comment on these issues and more, Nwe Oo, attorney-at-law in Tilleke & Gibbins’ Yangon office, was interviewed by the Bangkok Post, a widely-circulated newspaper in Thailand.
“At present, the skyrocketing land prices, royalties on ownership title, and high rental rates and room prices inhibit the growth of the real estate market in Myanmar,” Nwe Oo said. There is hope, however, with the passage of a new Condominium Law, which grants foreigners property ownership in Myanmar for the first time. “Observers have predicted that sales of condominium units may increase in the near future,” Nwe Oo states. This will not be without hitches, though, as “there will be some issues related to projects under construction and whether they will meet the requirements under the new law.”
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