The draft condominium law will grant
ownership rights to foreigners, but they will be limited to buying
apartments that are six storeys and above, an official from the Ministry
of Construction says.
Real estate prices are expected to rise
due to the inclusion of foreign ownership rights in the proposed law,
but this restriction could prevent prices from skyrocketing.
“According to the condominium bill, the
owners will be able to sell their apartments to foreigners with no
higher than 40 per cent of the market price.
These apartments have to be six storeys and above,” said Min Htain, the director general of the ministry.
Public housing started in the country
since 1995 but no relevant laws have been enacted. This has resulted in
problems between construction firms and residents.
The bill also covers other provisions
related to construction, buying and selling, occupying, ownership,
handover, quality control, ownership guarantees, the right to ownership
of part of land and bank loan.
Source elevenmyanmar
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