Myanmar has gone through years of transformation. From being a country synonymous with war, corruption, and poverty. It is now a story of recovery, political development, and potential for economic investment. Due to the ever-improving political stability, the world is now looking at Myanmar as one of the destinations to invest. Among the opportunities for investment is the real estate Yangon.
In 2016, the government introduced a law that allows foreigners to own condominiums on their names. With a number of big international companies like Samsung, Coca Cola, and Nike setting up shop in the country, there is a rise in demand for accommodation which is pushing up the opportunities for investment in property.
There still may be a few complications since the law requires that the property Yangon is registered as a condominium, so at the moment it is hard for a foreigner to own property. Taking note though of the changes that Myanmar has undergone, you can be sure that eventually, this will be a more smooth process since the law is already in place.
Property Tax in Myanmar
There are laws in place that require nonresident foreigners to pay a tax on rental income. This tax is flexible depending on the individual’s yearly income. However, if the tenancy period does not exceed a year, this tax does not apply.
The tax collection on a rental property, however, is not fully effected as a very small number of locals ever pay it and the authorities do not demand it. If however, a foreigner is paying this tax, they can expect to pay up to 25 percent of the income.
Property Investment in Yangon
Yangon is Myanmar’s largest and most developed city, it is, therefore, the first place anyone local or foreign would think of investing. A real estate agency Yangon would definitely be of big help in guiding about the right properties in the region. There are already a number of condominiums under construction as people prepare for the new law allowing foreigners to purchase property to take full effect.
For a budding economy, Myanmar may seem a bit expensive. If you compared the rental rates in Yangon with Singapore, you would realize it is on the higher side. This could be as a result of the real estate Yangon estimates of increased interest in the property markets.
Some of the favorite locations for foreigners are Kantharyar and Dagon. They are conveniently located near the main business center. They are also home to luxury hotels, restaurants, and top schools for the wealthy.
Bahan is also another township area popular among wealthy locals. The neighborhoods are well organized and the homes are more western style than you would find in other areas of Yangon. It is the kind of area you can find spacious accommodation. Since it is further out of town, it is also quiet.
In a Nutshell
Myanmar is the next big property destination in Asia. If the developments attained so far continue steadily, you can be sure a number of foreigners will be rushing in to capitalize on the fruits the real estate Yangon has to offer.
This This content is Published by an Author of Article seen. This content is purely re-printable for education and information usage.