YANGON: Group says Real Estate Service Law will curb price manipulation
The problem of land price manipulation can be minimised, if not prevented, with the enactment of the Real Estate Service Law, which is expected to be passed later this year, a real estate association said.
U Tin Maung, chairman of the Myanmar Real Estate Services Development Association, said there are now no set rules and regulations for real estate brokers in buying and selling property.
Once the law is enacted, real estate brokers will need to apply for licences before they can go into real estate trading, he said.
U Tin Maung added that under the new law, Myanmar’s real estate industry will meet the standards of the Association of Southeast Asian Nations, making it easier to deal with foreign buyers of real estate.
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“The bill was approved by the Pyithu Hluttaw (Lower House) last month. It is expected that the new law will be approved in May or June. It is a good sign for the country’s real estate sector,” he said.
“Under the law, foreigners can deal with licensed brokers without any worries,” he said. “Also, land price manipulation would be controlled, as there would be central- and regional-level working supervisory committees,” he added.
Because the industry is now unregulated, anybody can sell land even if it has been taken over by squatters, and there have been many cases involving fake documents.
U Wunna Soe of Poe La Min Real Estate Agency said, “This is a very important law, so we are making every effort to have it enacted. Fees for licences will be included in the rules. Responsible people from real estate associations and MPs will try to fix the rate for all service providers across the nation.”
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The draft law said that those who transact real estate deals without licences can be jailed for up to six months, fined K3 million (US$2000) or both.
“If businesses are strictly regulated, the state will earn more from taxes and agents will be able to work with government offices,” said U Tin Maung.
However, U Aung Win, a Mandalay resident and a real estate agent, said some agents do not like the licensing system and do not see its benefit.
“It is only good if they understand it and are in the business for a long time,” he said.
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