A NEW LAW regulating real estate services is needed in Myanmar to raise public confidence in the country’s burgeoning property industry as well as to promote investment from both home and abroad, according to the Yangon Region Real Estate Entrepreneurs Association.
“There are currently no laws related to real estate agents and services in Myanmar apart from the Landlord and Tenant Law. The industry needs a new law as real estate is one of the sectors attracting the most interest from investors”, said U Tin Maung Oo, a member of the Legal Affairs and Special Cases Assessment Committee.
“To develop the real estate services law, Myanmar Real Estate Services Association will take part in a workshop in the capital Nay Pyi Taw in November, planning to draft the law with the assistance of local and international experts in order to help ensure good conduct of business”, he added. According to industry representatives, the new law needs to detail minimum skill requirements for agents and their functions, duties and accountability, reasonable service charges and rights of agents, buyers and sellers.
A workshop was held in Mandalay on October 8 with industry representatives from upper Myanmar to discuss the drafting of the new law. A similar meeting was held in Yangon on October 22 to hear the voices of respective bodies and their suggestions on the drafting of the law.
Soe Win (MLA)