Illegal foreign-owned property in Yangon must stop, says MP
Illegal foreign-owned property in Yangon must stop, says MP
Myanmar government official rails against foreign real estate investors
There are now “over a hundred” real estate businesses owned by foreigners in the Yangon Region of Myanmar this year and they are blatantly breaking the law, according to MP Win Maung of Hlaingthaya Township.
“Since the country is inviting foreign investments for political and economic development, individual businesses are entering into Myanmar,” he told Eleven Myanmar. “Some businesses do not obey the existing laws and bylaws and take advantage of the country’s weak rule of law and continue the legacy of corruption and bribery.”
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He cited the case of a foreigner in the township who rents out rooms to locals. “Worst of all, some foreign investments use the names of Myanmar citizens even though the business is managed and run by a foreigner in reality,” he added.
The parliamentarian invoked the 1987 Law for Immovable Properties, which forbids the selling, leasing or transferring of property to overseas buyers.
Under the Condominium Law passed this year, foreigners are legally allowed to buy units not exceeding 40 percent of a condo building. The policy does stipulate that foreigners are not permitted to “manage” condos, raising questions whether they will be allowed to rent out units or not.
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Source: Property Report