U Myo Myint, secretary of Federation of Myanmar Construction Entrepreneurs Association (MCEA) says the most urgent housing requirements in Yangon is affordable, low-cost housing.

Mr Myint says strict requirements for bank loans and current economic conditions are deterring people from buying new homes. 

According to the Myanmar Times, many local residents are unhappy with the quality of materials used in low-cost housing projects, and can't justify the prices.

Related reading: Myanmar Construction Entrepreneurs Association (MCEA)

According to the Ministry of Construction, the government has plans to build around one million units of housing by 2030. Over 10,000 have been built over the last two years, with just over 5,000 fully finished.

Mr Myint says real estate developers and the government need to work together to address the issue. He adds that banks need to loan money with lower interest rates and reduce the requirements to get a loan to entice more people to buy.

Source: The Myanmar Times, The Myanmar Construction Entrepreneurs Association

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