Myanmar Facing Housing Shortage

• Proeksa Meas
• 3 October 2017
• Uncategorized @km
• 2994 Views

Myanmar’s recent economic growth has focused attention on its future housing needs amid fears of a medium term shortage.

At a recent property event hosted by the property portal House.com.mm, the Housing Development Department of the Construction Ministry announced that it planned to develop 8,000 homes per year.

However, with an estimated 4.8 million homes required by 2040, this figure only amounts to 20 percent of the deficit. Department’s deputy director Nway Hmu said he expected to outsource the remaining housing needs to regional and state governments, according to House.com.mm.

According to Property Report, Myanmar is expected to have 16 million homes by 2040, up from 10.88 million in 2014. Yangon alone had 1.58 million homes that year, a figure expected to increase to 2.65 million by 2040.