Financing Affordable Housing in Yangon
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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
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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
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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