No. A foreigner cannot buy properties (unmovable thing as Law Term) including cars, telephone, flat, land, etc. Some foreigners buying it with the name of Myanmar friend but there are many unnecessary problems when Myanmar denies to sell of the owner's instruction. There is nothing you can do at the time as you trick the law.
can a foreigner buy property in Myanmar?
If so, is it complicated? What is the process of purchasing a property in Myanmar?
Any tips for buying property, such as a check-list of items to verify ?
Er.. no, you cannot purchase property as a foreigner in Myanmar. It is difficult enough renting somewhere as landlords require 6-12 months rent in advance. Good rental apartments are in short supply. Maybe things will change next year but land prices have just escalated.
It is not true what it was said, for example Grand Waktu Company acquired 90+ properties for foreigners and foreign companies during last few months, so maybe you should contact competent source of information
Hi Christine, Foreigners are not allow to own the land unless married to local and but it under the spouse name or you need to have a local trust worthy friend.
The Condo Law was introduced on 23/08/2012. Under Chapter(3) Registration and Establishment of Condominiums, Clause 15, Annex (C). The Developer has the right to transfer a maximum 40 of Housing-Units from the sixth level and above of the Condominium to to foreigners.
If you have further question, please email to me: winston[at]tandt-realestate.net
I'm wondering if anyone knows any British people who are investing in property in Burma?
I'm a TV Producer in London, UK, and I'm working on a new programme idea about British people buying property in places others would see as high risk, or conflict-ridden. It can either be as an investment opportunity, or perhaps they have special ties to the place.
I believe you're right about the new law. My last month's trip to Yangong someone told me there are also developers who accepts term installments through required construction period, last payment must be paid upon building completion, just the same for some Asian countries, this way new owners could take their time and won't have any burden to pay in a lump sum. I only need to find out more info if the new owner can sell the apartment anytime prior building's completion.
As far as I know from my close friends in Yangon, they said better to wait until end of election year because new government regulations for foreigners who wants to become local residents. It would be safer to buy your apartment or house under your own name once resident card is obtained.
Last edited by razfairport (03 March 2014 01:11:06)