A Real Estate Services Bill submitted to the Myanmar House of Representatives at the end of last month has the potential to increase transaction confidence amongst both buyers and sellers, according to Colliers International.

The Myanmar Times reports that a bill Drafted by the House's Legal Affairs and Special Cases Assessment Commission, in collaboration with the Myanmar Real Estate Development Association, was submitted to the Pyithu Hluttaw by Hluttaw Committee on Transportation, Communication and Construction secretary U Nay Phu Ba Swe on January 29. 

The Pabedan township MP told the Times the objective of the bill was to "create a systematic framework for an unregulated market", adding it would "address some gaps in taxes on real estate".

Colliers International said the bill would be a positive step forward for Myanmar.

"While ASEAN is working to standardize many financial regulations throughout the economic community; estate taxes are still imposed differently depending on the country," it said.

"Colliers believe the proposed Real Estate Services Bill will help increase tax revenues and create a systematic framework for an unregulated market."

According to the Times, Myanmar Real Estate Development Association Chair U Aung Tun said the bill will also include a provision allowing joint ventures with foreigners in real estate service businesses, a move Colliers believes will "provide more confidence in transactions for both sellers and buyers".

Source: Myanmar Times, Colliers International.

This article was previously published on Mingalar Real Estate Conversation

Similar to this:

New tourism strategies needed from Myanmar Government - Colliers

New bylaws need to consider Yangon tourism market, says Colliers

Road and hydro plant a step toward closing 'infrastructure gap'