Newly issued Myanmar Condominium Rules set out ownership and development requirements
31 January 2018
Myanmar’s Condominium Rules (“Rules”) were signed into operation on 7 December 2017. The issuance of the Rules is a step towards full implementation of the country’s Condominium Law, which was issued in January 2016.
The Rules permit foreigners and foreign companies to be designated as “co-developers”, enabling them to act with a local company to develop condominiums. A foreign co-developer must have a Myanmar Investment Commission (MIC) permit or endorsement in order to apply for permission to develop the condominium.
Foreigners and foreign companies are able to purchase strata units of a condominium development not exceeding 40% of the total sellable floor area on all floors of the building. The Rules go on to stipulate that foreign owners of condominium units shall be entitled to ownership in the lifespan of the condominium. The Rules also allow the designation of both commercial and mixed developments, including offices, as condominiums. Provision is also made for inheritance of foreign-owned strata units in the event of “death or deportation” of the foreign owner.