Sunday, August 20, 2017

Real estate law headed to Nay Pyi Taw

As the real estate world awaits the recovery of Yangon’s lagging property market, parliament is soliciting views on a draft law that would govern the provision of services in what has been a fast-growing and sometimes disputatious field.

The Myanmar Real Estate Service Association is scheduled to submit its proposed text for the bill at Nay Pyi Taw’s Zabuthiri Hotel on November 6.

Chairpersons and secretaries of state and regional-level associations as well as departmental officials engaged in the real estate sector and other interested parties will be invited to attend.

“Myanmar doesn’t have a real estate services law. Transactions depend on trust on both sides. This has led to weaknesses, errors, unsystematic ways, and losses for the country, buyers, sellers and the agents offering services,” said U Than Oo, vice chair of MRESA.

The draft has been submitted to the Pyidaungsu Hluttaw Commission for the Assessment of Legal Affairs and Special Issues. It is based on the industry’s consultations with legal experts and members of 21 associations at the region, state and district level, covering the market’s requirements.

“Participants will be able to discuss the points they want included in the law. Other real estate associations can add their views after considering it. Then we will publicise the text and the commission will review and revise it as necessary. We will proceed step by step toward passage in the hluttaw,” said Daw Moh Moh Aung, general secretary of the association.

Bodies associated with the sector include MRESA, the Yangon Region Real Estate Entrepreneurs Association and the Mandalay Region Real Estate Agent Development Association.

The Yangon Region Real Estate Entrepreneurs Association held a workshop on October 22 at Yangon’s International Business Centre to draft the real estate service bill.

“The findings of the workshop will be submitted to the commission. The associations have made their points in the bill, and now it’s up to government departments and to parliament,” said U Sai Khun Naung, chair of the Yangon Region Real Estate Entrepreneurs Association on October 25.

Translation by Thiri Min Htun