“Although some have said that it is too early, the law will be enacted within three months if it is carried out now. Such a law is needed here as it is already in place in other countries,” he said.
The Myanmar Real Estate Services Association has signed an agreement linking its economy with other ASEAN countries. As foreigners are also involved in the local real estate market, an exact law is needed to regulate real estate services in Myanmar, said U Tin Maung Win.
If a Myanmar real estate service law is in place, it can provide stability to land prices and protect buyers and agents. It can reduce wrong decisions in the sale of properties and foreign investors can enter the real estate market, said experts.
“As the law also covers real estate agents, real estate transactions will be legalised and conducted systematically and the country will receive tax revenue and price fluctuations could be controlled,” said U Khin Maung Than, chair of the Myanmar Real Estate Agency Association.
The bill has statements aiming to create discipline in real estate brokering, stable development of the real estate market and for the agents to get official benefits for offering services. The agents will have to register for the necessary license and follow the rules and regulations.
“According to recent legislation, foreigners will be allowed to enter the Myanmar real estate market and so local agents need to ensure quality and service,” said the agent U Aung Ko Ko Oo.