Description:
"Myanmar is in the midst of a historic transition from a closed and isolated command
economy to an increasingly open market economy. As it progresses, the country
faces several development challenges such as widespread poverty, poor and inadequate
infrastructure, low levels of entrepreneurship and industrialization, suppressed private
sector, and underdeveloped markets. Among these challenges, Myanmar’s housing sector
is struggling to cope with rapid urbanization, internal migration, and new demand arising
from recent economic growth, particularly in the larger metropolitan districts of Yangon
and Mandalay. To address this issue, Schedule 2 of the Constitution has assigned the
management of the housing sector, including urban development, to the states and the
regions. Therefore, the Yangon Region Government (YRG) has a responsibility for creating
an enabling environment for the development and modernization of the housing sector.
One of the key constraints to developing the housing sector and increasing the supply of
dwelling units to meet the growing demand of low- to lower middle-income households is
the lack of long-term financing. With the support of the Union-level Department of Urban
and Housing Development (DUHD) under the Ministry of Construction (MOC), only three
financial sources are available. These are the MOC-constituted revolving fund, annual
government budget allocation, and project financing from the Construction, Housing and
Infrastructure Development Bank (CHID Bank). Given the limited resources, DUHD was
able to supply a little over 9,200 units in 2016, which is nowhere close to the actual existing
and emerging demand.
This study was carried out to help the YRG to formulate housing market reform options,
offer practical recommendations to address market failures, and support the YRG in the
implemention of its affordable housing agenda and development of related policies..."
Source/publisher:
Asia Development Bank (ADB)
Date of Publication:
2019-05-28
Date of entry:
2019-07-08
Grouping:
- Individual Documents
Category:
Countries:
Myanmar
Language:
English
Local URL:
Format:
pdf
Size:
1.23 MB
Resource Type:
text
Text quality:
- Good