Published on Friday, 26 October 2012 19:40
Myanmar plans to build more than a million residential flats in 15 years, sources from the Construction Ministry said.
The three-phase project for public housing will be from 2013 to 2028, with 350,000 units built in each five-year phase.
Myanmar has built only 240,594 flats in 23 years from 1989 to 2012.
It is estimated that 32.6 per cent of the country’s population live in urban areas. Yangon has 6 million people, which accounts for 10 per cent of the total population, according to the National Planning Policy and Urban Network with Sustainable Development.
Myanmar is facing a housing shortage especially since many migrants from other parts of the country have come to work in the commercial hub.
In addition, the government is eyeing other measures to provide home loans and installment plans so citizens can afford to buy properties.
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