Foreigners allowed to purchase condominium apartment in Myanmar

Foreigners have been allowed to purchase not over 40 percent of condominium apartment in Myanmar in accordance with the approved Condominium Law beginning this year, official sources said Saturday.

The Condominium Law is applied to high-rise residential building having minimum six floors and it should be built on an area of 20,000 square feet or over.

The law prescribes that no more than 40 percent of units from the condo should be sold to foreigners.

The dispute over the draft law between the two houses of the parliament was settled at the Union Parliament on Friday.

Under existing rules, foreign ownership of land or property is totally permitted, although foreign companies and individuals have reportedly bought land through Myanmar proxies, some parlimentarians said.