Introduction to Myanmar real estate
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Introduction to Myanmar real estate
A closer look at the Myanmar property market for foreign investors.
This article is intended as a preliminary guide only and refers to some but not all elements required to consider in detail prior to starting any property dealings or due diligence. Property dealings are often complex, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
Opportunity. Growth. Potential. A new frontier. These are the terms in which Myanmar has been described since opening its borders to foreigners in 2011. Also known as Burma, the Republic of the Union of Myanmar is the largest country of mainland Southeast Asia. According to the World Bank, Myanmar’s population of more than 50 million has begun a structural transformation away from agriculture towards a more urban, industrial and service-based economy. This is a rich source of opportunities for expats and foreign investors looking to get involved in everything from infrastructure, finance, telecommunications, tourism sectors and beyond. Within this rapidly changing framework, RE Talk Asia has compiled further information for those looking to invest in Myanmar property.
Buying property in Myanmar
Foreigners have not always been able to invest in Myanmar property, but this changed in January 2016 with the passing of the Condominium Law . Foreigners may now own up to 40 percent of the housing units within a condominium building, as defined by the Law. For more information, click here.
Renting property in Myanmar
If you’re looking to rent in Myanmar, a variety of property options are available, particularly in Yangon. But be aware that you might need to pay a year’s worth of rent upfront, possibly in cash. Read this article for an overview.
Property taxes in Myanmar
In addition to property and income taxes, stamp duties are payable on a number of transactions in Myanmar. These include duties on the sale of property as well as duties on property rental. Stamp duty changes were announced by the in October 2016 and we have the details here.
Obtaining finance in Myanmar
Ongoing changes in the banking sector have opened up more options for obtaining finance in Myanmar. Potential buyers no longer have to pay for property in cash, although foreigners must seek loans in a foreign currency to purchase property. Further detail can be found here.
Myanmar Glossary of Terms
A condominium in one market may not be the same in another. If you are looking to understand more about different terms used in the Myanmar property market, click here.
Sources: World Bank
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Myanmar Real Estate Glossary of Terms
This article and the above linked articles are not complete and are intended as preliminary guides only. These guides refer to some elements to consider prior to starting any property dealings or due diligence. Property dealings are often complex areas, especially in foreign countries and we highly recommend you seek independent professional advice... read more...
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