The Ministry of Construction has planned to implement one million units by 2030, according to the government’s housing development plan.
The plan began in 2012 and it is intended to be implemented over the course of five years.
As the plan is reaching its first five-year marker, the government should be building an estimated 300,000 housing units every five years.
“However, during 2011 and 2016, they [construction] didn’t reach the target”, said U Thar Htay, chair of the Myanmar Construction Entrepreneur Association (MCEA).
“The Ministry of Construction announced that they would implement one million units by 2030 … they didn’t reach the target in the past five years. The ministry specifically used the budget from the Union Government for that [project], but they didn’t reach the target,” he said.
The project of housing development began in 2011, at the time of U Thein Sein’s government. But now, the current government has a new strategy for the issue, said U Thar Htay.
It is the Ministry of Finance and Planning which will take the lead for the initiative, and the government will contract out housing development plans through the MCEA, he added.
Mr Teo also commented on the goal of the country’s housing development that Myanmar’s economy would continue to grow, so in the future the number of people who reside in and own an apartment will eventually overtake the number of those who rent apartments.
Last month, the Myanmar Times reported that as rents in the commercial capital rise, the longstanding arrangement of paying six months’ or even a year’s rent upfront is increasingly a burden to Yangon’s residential and business tenants.
Rental issue is a problem for many Yangon residents. The situation might change with the upcoming Real Estate Service Law, according to Daw Moh Moh Aung, secretary of Myanmar Real Estate Services Association (MRESA), which would like to see the property sector properly supervised and rental economy regulated….(6.16.6.Myanmar Times.3.11.17)