For the first time, the Myanmar government is to open new registration offices and assign registrars for condominiums. This is an important sign that the government is serious about reforming the property market, with both Myanmar people and foreigners now able to obtain an ownership title of units registered as condominiums.
The Condominium Law and Rules are already in place to assist buyers and sellers, however the local Management Committees such as Regional & State Management Committee and Union Territory Management Committee are yet to be established.
On September 14 2018, the Ministry of Construction issued Notification 227/2018 to set up the Condominium Registration Office. It also appointed Registrars in each Region and State throughout the country. The Registrars will be responsible for registering the purchase of condos and issuing the ownership titles to purchasers, which can then be used as security for finance. This is welcome news for prospective buyers.
According to the government announcement, the registration offices are to be located within the Department of Urban and Housing Development (“DUHD”) offices within each Region and State, with the Deputy Directors of DUHD being named Registrar. Units must be registered by the developer within 30 days of building completion.
The formation of Management Committees is the crucial next step in implementing the new laws, as the committee is responsible for issuing licenses to developers, certifying developments as complying with requirements under the law and ensuring condominium land is collectively owned. To date, no condominium developments have been registered under the law.
Currently foreigners are permitted to own units in registered condominium developments, providing not more than 40% of the floorspace in any one development is owned by foreigners. Other restrictions include a maximum of 25% of units may be purchased by a single buyer, and the developer must market at least 75% of saleable units.