April 18, 2017

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Foreigners not much interested in Myanmar condominium

Although foreigners have the right to buy condominium, lack of quality contributed to low interest. Photo: GNLM/Phoe Khwar

Foreigners have shown little interest in Myanmar’s condominiums on account of their inability to meet the condominium’s criteria and the weakness of law, according to an analysis by the real estate website House.com.mm.
According to the new Condominium Law, foreigners have the right to buy condominiums, but the lack of quality has led foreign expatriates to lose interest, the website found.
Currently, the real estate market is on a downward trend. Most of the developers and owners of the apartments have to depend on rental market. Only the houses in the areas owned by Yangon City Development Committee are found to have a deal.
House.com.mm, online marketplace for real property listings in Myanmar, holds real estate expos every month and most of them are aimed at rentals than sales due to the market’s condition. The price gap between the sellers and the buyers results in a slump in sales, according to house.com.mm.
According to the Union Tax and Revenue Law, when buying real estate a 15 per cent tax must be imposed upon the real property worth Ks1 million to Ks30 million, a 20 per cent tax for property between Ks30 million to Ks100 million and a 30 per cent tax on property above Ks100 million. In addition, a seven per cent stamp duty is also levied on real estate contracts in Yangon and a 5 per cent duty in other townships outside Yangon, it is learnt.—Ko Khant

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