A draft of the legislation was submitted to Pyithu Hluttaw in 2018 but no progress has been made since then. The law was first drafted in 2016 and completed in 2017.

“The law has been discussed twice in parliament, yet it has not been approved. We should move forward with this before the end of the parliamentary term,” said U Tin Maung, Executive Director and President of the Myanmar Real Estate Development Association.

“The sooner the bill is approved, the easier it will be for foreigners to start purchasing property,” said U Tin Maung. He added that issues between buyers, sellers and brokers will be reduced. The association is arranging to meet with members of the Pyithu Hluttaw Bill Committee “as soon as possible.”

The draft law consists of 13 chapters and incorporates standards aligned with international laws, said an official of the Myanmar Real Estate Development Association.

These include legislation on broker qualifications and licensing and stamp duties and other property taxes.

There is currently a total of 20,000 estate agents in the country out of whom 500 are certified. They are mostly based in Yangon, Mandalay and Nay Pyi Taw, according to the Myanmar Real Estate Development Association. 

Source: https://www.mmtimes.com/news/govt-urged-expedite-draft-real-estate-service-law.html