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Myanmar’s upcoming election could have wide-ranging real estate implications

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Yangon, Myanmar's largest city.

Martin Puddy / Getty Images
Yangon, Myanmar's largest city.
Martin Puddy / Getty Images

Will Myanmar become Southeast Asia’s next property hotspot? With the nation’s general election scheduled for Nov. 8th, Property Report details the possible policy changes for one of the region’s more restrictive real estate markets. Based on existing laws, foreigners are not permitted to purchase real estate in Myanmar. They are allowed to lease the land for a maximum of 70 years by undertaking a development project, subject to the government’s registration and approvals process. “Whilst some foreigners may have secured condominium units through the use of a local nominee partner, this is not advisable,” [Savills Myanmar country manager Richard] Emerson cautioned.One of the most significant changes likely to be heralded by the November election is a proposed Condominium Law, which will allow foreign ownership of up to 40 percent for certain types of condominium units. Local market experts, including Nay Min Thu, managing director of iMyanmarHouse.com, believe that the law is likely to be enacted post-election and will set a standard for the condominium segment.

The publication notes that market activity has slowed down as potential investors are waiting to see the outcome of the election. [Property Report]