Despite reports that apartment sales are stale, a market is being formed in which hundreds of thousands of people are in need of housing, and systematic housing construction will create opportunities for local and foreign investors, said Yangon Region Chief Minister Phyo Min Thein.
He made the remark during a housing finance workshop held in Chatrium Hotel in Yangon on July 23. The workshop was jointly organised by the Yangon Region government and Asian Development Bank.
The chief minister said the world is seeing urban development with great momentum. According to data from the United Nations, about 30 percent of the population in world countries have come to live in urban areas.
Phyo Min Thien said more people are also moving to Yangon due to better job opportunities. Therefore, Yangon is trying to develop 11 townships outside the municipal area, he added.
"People say apartments are not selling. But there is a large market where hundreds of thousands of people need housing. If we can do systematically, there will be opportunities for both local and foreign businesspeople who invest in this market. It will also be a good opportunity for our people without homes. But we need to adopt a systematic financial system for housing management. We will be trying for urban development in accord with the existing law and policies," said the chief minister.
The workshop was attended by officials from the region government and ADB, departmental officials and local and foreign experts.