Mandalay Region authorities plan to develop affordable housing with 8,000 apartments across the region within five years, according to the Urban and Housing Development Department (Mandalay).
The project aims to fulfill the housing needs of residents as well as to stabilise the local property market. The department recently invited eligible persons who do not own homes to send application forms to the department to be considered as buyers for 560 apartments next month.
The region government provides land for housing projects to establish residential buildings to meet significant population growth in Mandalay, said U Aung Kyaw Oo, director of the department.
The Department of Urban and Housing Development has already built 27 four-storey buildings with 432 apartments in Myayinanda Ward in the 2014- 2015 fiscal year and 20 five-storey buildings with 800 apartments in the 2015-2016 fiscal year. A local real estate agent said his view is that a problem in the apartment market is likely to appear if authorities do not take action against some people who breach the rules that prohibit them from transferring ownership of the property to others.
Local government is now drafting town plans to bridge the housing gap between urban and rural people. According to the official population record of Mandalay Region, over 2.1 million people are living in urban sites, when more than 4 million people are in rural sites.
Source: Global New Light of Myanmar
