The budget for building affordable housing over the coming year will cover just a fraction of Yangon’s housing requirements, while low-cost housing units remain too expensive for those most in need of accommodation.
Foreign investors will be able to buy condominium units in build-operate-transfer (BOT) projects on ministry-owned land if the ministry is willing to register the project, officials said yesterday.
The Myanmar Investment Commission has given Marga Landmark approval to build its mixed-use project on a new site, after the president called off the Hong Kong-based developer’s project last year, deeming the initial location too close to Shwedagon Pagoda.
The Myanmar Investment Commission has accused a local developer of building a condominium in Yangon with a foreign partner without approval, while the developer says it does not need approval as the investment is entirely local.
The new condominium law – which will grant international buyers access to Myanmar’s real estate market for the first time – has been widely welcomed, but experts say just a handful of properties are initially likely to be eligible.