The Myanmar government’s attempts to provide affordable apartments are failing because they are not affordable enough, according to a report released by the real estate site house.com.mm.
The report quoted Dr Toe Aung from the Yangon City Development Committee as saying the prices of affordable flats are around 30 million kyats (US$25,000) per unit because land prices are high.
Myanmar's commercial city is experiencing rapid urbanisation thanks to the growth of business opportunities.
Khin Maung Than, the managing director of the Myanmar Real Estate Services Association, said: "We need more affordable flats for rent. The government should have a plan for this."
The need for accommodation is surging with more than 300,000 people moving to Yangon from the countryside every year. Yangon is now the most-populated city in Myanmar, with some 7 million population.