Thursday, 06 October 2011 17:52 Nyi Thit
Rangoon (Mizzima) – A proposal to pass a “fair” condominium law that would give stronger rights to owners and also improve construction methods has been submitted to the Burmese Parliament. If passed, the law would also allow foreigners to buy a condominium.
The proposal was submitted in the Lower House on Tuesday by a Union Solidarity and Development Party MP, Zaw Kir Ahmed (aka) Aung Zaw Win of Maungtaw constituency. Aung Zaw Win is also the owner of the Shine Construction company. The proposal was discussed on Wednesday.
“In the market, some construction companies have temporarily closed their sale centers. They hope prices will increase as soon as the law comes into effect. Some said the ownership status of the condominium owners will be stronger than before,” said a construction firm spokesman.
If the bill is enacted, the demand will increase and the ownership status of buyers will become stronger, said supporters of the bill.
If the law allows foreigners to purchase apartments and condominiums, prices would likely increase and it may encourage more foreign investments, sources said. On the other hand, real estate observers have said that the government needs to ensure that the price of apartments and condominiums do not increase to fast.
A construction company owner said, “If foreigners are allowed to buy condominiums, it could strengthen the economy and the construction companies will try to improve the quality of the condominiums.”
If the bill becomes law, the new ownership rights are expected to allow owners to borrow money from banks, using their apartment or condominium as collateral, observers said.
According to real estate observers, the lack of appropriate laws for sellers and buyers of condominiums has caused conflicts between the two groups. About two months ago, problems arose between tenants and the landlord of the well-known Pearl condominium in Bahan Township in Rangoon, prompting a complaint to be filed with the Chief Minister of Rangoon Region.
“Permits for living in the Pearl condominium have not been granted. But, people have lived there for nearly 10 years,” according to tenants of Pearl condominium.
The condominium law that lawmakers are preparing to draft would also set the standard for condominium construction, causing companies to upgrade the quality of the buildings, according to construction representatives.
Rangoon (Mizzima) – A proposal to pass a “fair” condominium law that would give stronger rights to owners and also improve construction methods has been submitted to the Burmese Parliament. If passed, the law would also allow foreigners to buy a condominium.
The proposal was submitted in the Lower House on Tuesday by a Union Solidarity and Development Party MP, Zaw Kir Ahmed (aka) Aung Zaw Win of Maungtaw constituency. Aung Zaw Win is also the owner of the Shine Construction company. The proposal was discussed on Wednesday.
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Apartment and condominium buildings in downtown Rangoon. Photo: wikipedia |
“In the market, some construction companies have temporarily closed their sale centers. They hope prices will increase as soon as the law comes into effect. Some said the ownership status of the condominium owners will be stronger than before,” said a construction firm spokesman.
If the bill is enacted, the demand will increase and the ownership status of buyers will become stronger, said supporters of the bill.
If the law allows foreigners to purchase apartments and condominiums, prices would likely increase and it may encourage more foreign investments, sources said. On the other hand, real estate observers have said that the government needs to ensure that the price of apartments and condominiums do not increase to fast.
A construction company owner said, “If foreigners are allowed to buy condominiums, it could strengthen the economy and the construction companies will try to improve the quality of the condominiums.”
If the bill becomes law, the new ownership rights are expected to allow owners to borrow money from banks, using their apartment or condominium as collateral, observers said.
According to real estate observers, the lack of appropriate laws for sellers and buyers of condominiums has caused conflicts between the two groups. About two months ago, problems arose between tenants and the landlord of the well-known Pearl condominium in Bahan Township in Rangoon, prompting a complaint to be filed with the Chief Minister of Rangoon Region.
“Permits for living in the Pearl condominium have not been granted. But, people have lived there for nearly 10 years,” according to tenants of Pearl condominium.
The condominium law that lawmakers are preparing to draft would also set the standard for condominium construction, causing companies to upgrade the quality of the buildings, according to construction representatives.
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