review and a volatile currency conspired to leave many developers battered and bitter. But there were also signs of a fragile recovery in the real estate market, and new laws set to appear in 2017 could mean both industries are heading for better times.

“This has been a very bad year, especially following a slow 2015,” said U Myo Myint, chair and CEO of MKT Construction. “The arrival of the new government caused investors to wait and see what would happen.

Both the construction and real-estate industries are pinning hopes partly on new legislation expected to appear next year. The long-awaited Condominium Law was passed in January after years of parliamentary deliberation, although as December ends the rules and regulations that will allow the law to come into force are yet to appear.

U Sai Thet Naing Moe, director of the Ministry of Construction’s Urban and Housing Development department, told The Myanmar Times the final amendments to the regulations are being made and the final draft would be sent to the Attorney General’s office before December 31.

The law will allow foreigners to purchase apartments that qualify as condominiums – so long as they are above the sixth floor. The law also provides a framework for foreign and local buyers to legally own their condo apartments. With legal ownership, people should be able to use their apartments as collateral and find it easier to take out mortgages.