Seven companies have submitted proposals to construct residential units under a new public-private partnership framework, the Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib, announced on Tuesday. Speaking at a groundbreaking ceremony in Hulhumalé for 364 units under the Bank of Maldives (BML) Affordable Housing Project, Minister Muththalib framed the initiative as a cornerstone of the state’s "Housing for All" policy.
To support the scheme, the Maldives Monetary Authority has revised its regulatory framework, now requiring domestic banks to provide housing finance at a five per cent profit rate from established lending portfolios. This shift facilitates a model integrating lease-to-own options with public-private collaborations. Minister Muththalib observed that the national housing crisis cannot be remedied through a singular approach, as diverse socio-economic tiers face distinctly different obstacles.
"These disparate demographic groups require a variety of tailored solutions," the minister stated. "Certain families are currently enduring severely substandard living conditions and are in need of immediate residential relief. Conversely, other families find themselves priced out of the market due to the exorbitant costs of real estate. Consequently, the current administration is striving to implement a comprehensive resolution to this crisis by deploying a diverse array of housing models."
The Hulhumalé project is part of a broader programme to deliver 7,900 housing units. These flats, designated for those utilising the lease-to-own model at reasonable rates, will be strategically allocated to applicants securing the highest evaluative scores under the government's housing programme for families.