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    Financing Affordable Housing in Yangon
    Financing Affordable Housing in Yangon
    Financing Affordable Housing in Yangon
    Ebook172 pages1 hour

    Financing Affordable Housing in Yangon

    By Asian Development Bank

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    About this ebook

    Myanmar's housing sector is struggling to cope with rapid urbanization, internal migration, and new demand from recent economic growth. These challenges are most apparent in the Yangon Region, where estimates suggest there will be a housing shortage of 1.3 million units by 2030. This publication assesses the current housing market situation in Yangon. It identifies reform options and offers practical recommendations to support the Yangon Region Government's implementation of its affordable housing agenda and related policies.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateMay 1, 2019
    ISBN9789292616212
    Financing Affordable Housing in Yangon

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      Book preview

      Financing Affordable Housing in Yangon - Asian Development Bank

      FINANCING AFFORDABLE HOUSING IN YANGON

      MAY 2019

      Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

      © 2019 Asian Development Bank

      6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

      Tel +63 2 632 4444; Fax +63 2 636 2444

      www.adb.org

      Some rights reserved. Published in 2019.

      ISBN 978-92-9261-620-5 (print), 978-92-9261-621-2 (electronic)

      Publication Stock No. TCS190167-2

      DOI: http://dx.doi.org/10.22617/TCS190167-2

      The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

      ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

      By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

      This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess.

      This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

      Please contact pubsmarketing@adb.org if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

      Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda.

      Notes:

      In this publication, $ refers to United States dollars.

      Cover design by Cleone Baradas.

      Contents

      Tables and Figures

      Foreword

      Myanmar has experienced remarkable economic growth during the last few years, with an average growth rate of 8.73% from 1994 until 2017. The robust economic growth is expected to bring about rapid urban growth, particularly in the Yangon Region, the largest city in Myanmar and the biggest contributor to the national gross domestic product. Despite its economic success, a majority of the households in the Yangon Region are living in dwelling units that are temporary structures, necessitating frequent upgrading and retrofitting. Coupled with internal migration and expansion of household size, it is estimated that the aggregate housing shortage in the Yangon Region will be 1.3 million units by the year 2030. To meet the present and future demand for affordable housing, the public and private sectors need to augment their capacity to deliver an average of 100,000 housing units per year over the next 12 years.

      In response to the growing challenge of meeting the imminent demand for housing, the Government of Myanmar aims to develop 1 million new housing units by 2030. Further, the development of the environmentally sustainable cities initiative was also included in the government’s Twelve Point Economic Policy with the vision of establishing an economic framework that supports national reconciliation, through the balancing of sustainable natural resource mobilization and allocation across states and regions.

      At the request of the Government of Myanmar and the Yangon Region Government (YRG), the Asian Development Bank (ADB) has undertaken this study to assess the current housing market situation, identify necessary reform options, and offer practical recommendations to address market failures and to support the YRG in implementing its affordable housing agenda and related policies.

      The study was supported by the Urban Climate Change Resilience Trust Fund, which is administered by ADB with financing partners Rockefeller Foundation and the governments of Switzerland and the United Kingdom. Harish Surendra Khare, Rey A. Guarin, Scott Leckie, Win Naing, Soe Min Oo, Ei Ei Thient, and Aye Zaw Pe prepared this study under the guidance and supervision of Kosintr Puongsophol, financial sector specialist, Economic Research and Regional Cooperation Department (ERCD) and Kyaw Thu, infrastructure specialist, ADB Resident Mission in Myanmar. Strategic guidance was provided by Noritaka Akamatsu, former senior advisor, ERCD. Significant contributions and additional assistance was provided by Virinder Sharma, senior urban development specialist, Sustainable Development and Climate Change Department; Stephanie Kamal, public management specialist, Central and West Asia Department; Richard D. Supangan, senior economics officer, ERCD; Maria Frederika D. Bautista, senior operations assistant, ERCD; and Mary Ann Magadia, senior operations assistant, ERCD.

      The authors also would like to stress the critical contributions given by officials of the YRG, the Department of Urban and Housing Development, the Ministry of Construction; the Central Bank of Myanmar; the Yangon City Development Committee; the Construction, Housing and Infrastructure Development Bank; relevant country officials; market participants; sector experts; and international donors, including the Department for International Development of the United Kingdom, the Japan International Cooperation Agency, the United Nations Human Settlements Program, and Women for the World who shared their insights and perspectives.

      Yasuyuki Sawada

      Chief Economist and Director General

      Economic Research and Regional Cooperation Department

      Asian Development Bank

      Executive Summary

      Myanmar is in the midst of a

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