Myanmar's Union Parliament has passed a draft Condominium Law that will allow foreigners to own up to 40 per cent of a condominium building.

However, the law states that foreigners will not be able to 'manage' the condos, creating some uncertainty about whether the condos will be able to be rented.

Under the law, a 'condo' is defined as a building at least six-stories high on land 20,000 square feet or larger. The law was disputed between the parliament's two houses for more than three years, but was finally approved on 22 Janaury, and announced over the weekend.

Foreign investments in Myanmar slowed in the lead up to last November's election. A director of Myanmar's Directorate of Investment and Company Administration (DICA), Daw Mar Lar Myo Nyunt, told the Myanmar Times he hopes the new laws might reverse the trend, and allow foreign investors to 'gain access to the real estate market', and show the government to be a 'reliable partner.'

With Aung San Suu Kyi's National League for Democracy (NLD) party assuming power this week, there are hopes for further legal and infrastructure reforms to encourage investment in Myanmar.