A Yangon official known for his outspoken views has publicly criticised two high-rise projects, including a Singapore-backed condominium, and says he has imminent plans to target several more.
Foreign investors would look to the incoming government to create a reliable and welcoming environment, experts say. The speedy adoption of the long-delayed condo law, which would allow foreigners to buy Myanmar real estate, and the reform of investment legislation that favours Myanmar citizens over foreign investors were two of the steps cited that could be taken to reverse a recent decline in foreign investment.
The tender awards for the Yangon Southwest New City project were awarded earlier this month, and local famers have signed over their land to developers, according to an official at one of the chosen firms.
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.