Unless lenders can help make housing more widely available through instalment plans 10 years or longer the property market will remain weak this year, say Yangon developers, but banks show little sign of being willing to extend their financing schemes.
The Myanmar Construction Entrepreneurs Association (MCEA) has presented a proposal to the authorities which would dramatically lower the tax home buyers pay when purchasing properties governed by the Condominium Law, which is expected to come into force in January.
The Asia Property Awards (APA) will hold its third annual Myanmar awards ceremony in June next year, with the window now open for people to nominate their favourite hotels, renovation projects and real estate personality.
Yesterday was the final day for the public to submit comments on the draft rules and regulations that will accompany the long-awaited Condominium Law passed in January. But several real estate industry bodies are angry they were not sent a copy of the proposed rules and were therefore unable to make suggestions.
In a serious blow to thousands of would-be home-owners, the construction of affordable homes in Yangon’s Ayeyarwon and Yadanar housing projects has been suspended because the money has run out, government officials say.
Contractors have extended a cautious welcome to comments from Yangon Chief Minister U Phyo Min Thein that the region government has a plan to coordinate with private contractors to build low-cost and affordable housing, but want the government to make its policy transparent and clear.