Ministry aims at 1 million housing units by 2030
Ministry aims at 1 million housing units by 2030
Myanmar Times, 10 Mar 2017
URL: http://www.mmtimes.com/index.php/business/property-news/25267-ministry-aims-at-1-million-housing-units-by-2030.html
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.
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.
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.
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.