Investment in Myanmar's construction sector could be set for a boost following the introduction of the Condominium Law.

Enacted in 2016, the law allows foreigners to own up to 40% of the units in a condominium project, while each individual can buy up to 25% of the units.

Foreigners who do not hold a National Registration Card can purchase condos in Myanmar, excluding those who have been blacklisted by the country.

The purchase can only be done via official foreign currency remittance from overseas.

 Yangon Regional Condominium Management Committee member U Myo Myint told the Myanmar Times that units registered under the Condominium Law will be on the market in the next "2-3 months".

Colliers International said the clearer regulations for foreign ownership within the law would likely create sales and investment momentum for the construction sector.

"Colliers has learnt that only a small share of condominium apartments meets full eligibility standards and the demand for quality condominium units on the back of liberalization in banking sector has yet to materialize," it said.

"Despite the recent downturn, this condo law will revive the interest of all buyers by guaranteeing foreign ownership and creating positive domino effects in both rental and secondary markets.

"Colliers recommends developers to seek project financing options in collaboration with foreign banks and market their condo units with flexible payment terms."

Sources: Myanmar Times, Colliers International.

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