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NO 4

Drawing up of real-estate services law seeks to regulate the market

Myitmakha News Agency

Yangon, September 13 – a piece of legislation concerning real-estate services will be drawn up and presented to the Pyidaungsu Hluttaw, the Myanmar Real Estate Services Association (MRESA) has informed Myitmakha News Agency.

“This matter, of drawing up legislation and submitting it to parliament, has been reviewed and accepted by the Commission of Assessment of Legal Affairs and Special Issues of the Pyidaungsu Hllutaw. As such, this association will work to have this legislation drawn up and enacted,” said U Khin Maung Than, chair of the MRESA.

The drawing up of real-estate services legislation will reportedly include participation from the Bill Committee, Ministry of Construction, Department of Urban and Housing Development, Attorney General’s Office, branches of the MRESA, and experts.

“If this law can become a reality, there will no longer be any mistakes made in the buying and selling of real-estate. Frameworks of the law will mitigate inflation and stabilize the fluctuation of prices in the real-estate market. At the moment, brokers are those who happen to have a connection between buyer and seller. The passing of the law would regulate this,” said U Than Oo, deputy chair of the MRESA.

Points will be included in the draft legislation that would control the economic benefit of real-estate agents through the law, as well as points which would allow for the conduction of local and foreign real-estate partnerships.

The MRESA was founded back in June 2012. It operates 15 branches in each state and region of the country, including Naypyidaw, boasting a membership of over 4,700.

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