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.

Dr Toe Aung added: “The Urban and Housing Development Department has built some apartments. The problem is the land plots are so expensive. We can build only on public lands, and therefore, the options are limited.”

The newly built Ayeyawun-Yadana affordable apartments are priced between 60-120 million kyats per unit.