Friday, 4 July 2014

More ‘affordable’ housing on the way

A large number of affordable housing projects are planned for Yangon Region and sales will be transparent, an official from the Yangon Region government said.

Many of the projects are still at the planning stage and various ministries are involved in them, said the official, who asked not to be named.

The details have not been ironed out, but the projects will be under the administration of the Yangon Region Government, he said, adding that they will be sold through a lottery system that would be open to the public to observe. The sales will follow the method used in the Bo Min Yaung affordable housing project.

Apartments in that project sold for about US$25,000 each and there were multiple applicants for each one.

As real estate prices continue to surge even low-cost housing is remains beyond the reach of working class residents of Yangon.

Prices are high whether payment is immediate or by installment. Monthly payments are high because of the interest rate charged by banks. To make units affordable to the working class families they should carry a price of US$30 to $40 a month spread over 30 years, some housing analysts have said.

source: Eleven Myanmar
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