I n an increasingly globalized world, people are travelling more than ever. Those who travel and find one particular country that they love might consider buying property there, many foreigners from the western world do this in Asia. However, those wishing to invest in property in other countries should bear in mind local laws and restrictions before acquiring real estate.
It is now possible for foreigners to own property in Myanmar following parliament’s decision at the beginning of 2016 to approve a foreign property ownership law. The Condominium Law, passed in January, 2016, permits overseas buyers to own up to 40 per cent of a condo building. A condo is defined as being a 6+ storey building on land measuring 20,000sq ft. However, the law also stipulates that said foreigners are not allowed to manage condos, so those looking to rent out units should be aware. Current laws also prevent foreigners from owning land, though clarity is lacking as to what this means for foreign condo owners, who, with the purchase of a condo, also receive partial ownership of the land. It is wise to seek legal advice from an experienced legal professional if you are a foreigner investor looking to buy in Myanmar. Following the election of the new government in March, 2016 and reports of a slowing economy, House.com.mm Myanmar is expected to revise its corporate law in 2017, which would allow foreign businesses to hold stakes in existing domestic companies as well as make foreign investment more attractive on the whole, which would signal good news for foreign property investors.
When purchasing property in any country, House. com.mm advises that the best piece of advice is to always get help from a real estate professional, get them to do as much research as you can, and do your own supplementary research too. Do your due diligence and always question deals that seem too good to be true. Asia is a stunningly beautiful continent, and as the markets open up further and further to international buyers, the demand for property will only rise.
