Most property buyers are using informal contracts that fall short of transferring full legal ownership and fail to stand up in court, a senior official from the Internal Revenue Department (IRD) told The Myanmar Times.
More investment companies are coming to Myanmar to answer the demand for luxury housing and office space. But although the sales prices for property remain high, the market cooled considerably in 2015, according to real estate experts.
Hoping to kick-start the property market in the New Year, iMyanmarHouse, a website for selling and renting accommodation, is launching its second “Biggest Property Expo” at Tatmadaw Hall from December 25 to January 2.
The future of a highly ambitious and controversial plan to build seven “new cities” around the outskirts of Yangon will now be in the hands of the incoming government, due to repeated delays, officials said.
The President’s Office will grant ministry-owned land in Yangon to five companies, as compensation for cancelling their projects beside Shwedagon Pagoda earlier this year, a senior official said.