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Resolving the lack of accommodation in Yangon
Given that Yangon's populations of more than 7 million will reach two-digit figures in the next 10 to 20 years, what is being done to resolve the real estate-critical city? This is compounded by the sluggish rate of growth in the economy and society, which keeps income down. Yangon, home to 7.3 million inhabitants, is also the epicenter of much of the country's industries and service industries, accounting for about 20 per cent of Myanmar's GNP, according to the 2014 survey.
Approximately 25 of his apartments are provisional cabins and cottages that accommodate the enormous inflow of occupants drawn by the work of factories in the town' s developed areas, according to the Urban and Housing Development Division of the Ministry of Construction. As many as sixty-five pc of Yangon dwellers own their houses, and the other thirty-five pc rental, according to division dates.
Meanwhile, the number of people is supposed to increase every year, says U Myint Naing, the deputy head of the group. "Yangon's populations could increase to about 10 million in the next 10 to 20 years. The issue of the right accommodation is important not only for today, but for years to come," he said.
The majority of Yangon's inhabitants - almost 60 - make only K300,000 per months (US$244) or less, according to the department's estimate from 2015. However, there is a shortage of cheap housing: In recent years, the residential sector has been booming, especially in the high-end segment. There is no prospect of such a settlement yet if a combined state and privately-owned build can offer the necessary low-cost apartments in the necessary number.
U Myint Naing said that the major demand of low-cost homes is the need for adequate investments to be able to sell homes for less than K10 million. We have no plan to construct 10 million homes under the present state of the market," he said. But if the public is not enthusiastic, the interest of privately owned developers is even lower.
"It could be possible to construct cheap houses on state property, with the federal authorities supplying less than K10 million per each. However, given the constraints on the state finances, it would be very hard to make enough of it available," said U Myint Naing. YCDC's U Toe Aung said that in any case rental is a better choice for low-income people.
"Even officials don't make enough money to buy these flats. Developing the letting industry could be the solution," he said, but added that it could be hard for the goverment to do so. "Privately-owned builders are not interested, and the federal administration will not be able to construct many rented flats.
City and Housing Development Bank spokesman, which provides home buyer financing, said that much of the general population is not familiar with the idea of raising funds to finance a home buy. Yangon's Ministry of Construction plans to buy more than 1000 low-cost homes in Yangon and to construct and dispose of 8000 homes over the next two years, Assistant Director U Myint Naing of the Department of City and Housing Development has said.
However, compared to Yangon's 4.6 million inhabitants, who earn K300,000 a month, this will be a very small decline in a very large can.