Muthalib: Real estate is a critical foundation towards economic development

Minister of Housing, Land, and Urban Development Dr. Abdulla Muthalib has stated that the real estate sector is a critical area requiring significant prioritization to strengthen and expand the foundation of the Maldivian economy.

Reflecting on the country’s current economic trajectory, the Minister emphasized the need to reduce its heavy reliance on a limited number of sectors. He noted that economic diversification and the expansion of revenue streams remain key government policy objectives.

Minister Muthalib highlighted the real estate sector as a particularly promising avenue for generating widespread economic opportunities for citizens across the Maldives. He stated that the development and stabilization of this sector could bring transformative changes to the broader economy, extending beyond conventional construction and property sales.

“Real estate is the true path to broadening our economic base and creating opportunities for many people throughout the Maldives,” the Minister said, adding that growth in the sector would see different regions of the country reap its economic benefits.

The Minister detailed that the government anticipates that expanding the real estate sector will attract substantial foreign investment and generate employment opportunities in a range of fields, including finance, legal consultancy, architectural design, property management, and marketing.

He added that the the sector is expected to facilitate the introduction of new financial instruments, such as mortgage facilities and real estate investment funds, thereby strengthening the country’s financial system. This, in turn, is seen as a key driver for the development of planned urban areas and modern communities.

The Minister also noted that, alongside tourism and fisheries, the expansion of the real estate sector could contribute to a long-term solution to the housing challenges faced by Maldivian families. As housing remains a top priority for President Dr. Mohamed Muizzu, he emphasized that advancing the real estate sector is an essential step toward achieving this objective.

Concluding his remarks, the Minister stressed that the sector is not intended solely for affluent investors but should be developed in a structured and inclusive manner to ensure its benefits are accessible to people from all segments of society.