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Financing Problems Preventing Housing Development: YCDC

Although ten to twenty thousand apartments are currently being constructed around Yangon, there is still a housing shortage due to the lack of a sufficient system to connect apartment renters with banks, said an advisor from Yangon City Development Committee (YCDC).

YCDC is carrying out the housing projects which can provide affordable apartments, said U Kyaw Latt, advisor to the committee.

“YCDC is currently overseeing the construction of 5,000 apartments in total. They sell the apartment a lottery system. Other departments are also implementing housing projects of their own,” U Kyaw Latt said.

Yangon, which had total of 80 square miles in 1974, has currently expanded its jurisdiction to 306 square miles. Its population, having already exceeded 5 million, is facing a housing shortage for low and medium income families, worsened by rising rent.

The Department of Human Settlement and Housing Development recently suspended the housing projects as the project jointly carried out by the government and private sectors failed to meet the hygiene standards.

During last month, YCDC introduced an online application system for construction permit to allow more construction in Yangon City Development area.

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