National housing project to expand access, offer developer concessions

The Cabinet approved on Sunday, the implementation of the National Housing Affordability and Accessibility Project, aimed at improving access to affordable housing across the Maldives.

According to the President’s Office, the initiative seeks to provide a sustainable solution to the country’s housing challenges and foster a more inclusive and resilient housing market.

Under the project, the following implementation measures have been outlined:

• Developers will be granted special concessions to construct affordable housing units at their own expense.

• A dedicated mortgage scheme will be introduced in consultation with banks, enabling end-user financing for individuals purchasing these units.

• Housing units will be developed in partnership with financial institutions and offered to the public under a lease-to-own model.

• The government will purchase a portion of the units from developers and allocate them to eligible recipients based on defined criteria.

The Cabinet also decided to incorporate provisions related to the project into the Housing Bill currently before Parliament, to ensure the necessary legal framework for its execution.

Delivering on his pledge to ensure housing for all Maldivians, President Dr. Mohamed Muizzu stated in May that the project would be launched this year to provide housing for all individuals aged 18 and above residing in the Male' City area who currently lack housing.