President inspects progress of 4,000-flat housing project in Hulhumale' Phase two

President Dr Mohamed Muizzu has inspected the ongoing development of 4,000 flats in Hulhumale' Phase two, a major component of the government’s strategy to tackle Maldives’ housing shortage.

During the site visit, the president received a detailed update on the project’s progress.

The development, which had previously stalled, has accelerated over the past 18 months following directives from the president to fast-track housing delivery. Most construction work is now nearing completion, with occupancy expected to begin later this year.

President Muizzu reaffirmed that all eligible applicants who meet the established criteria without fraud or regulatory violations will be allocated flats.

The project forms part of what the government has described as the most comprehensive housing programme in the country's history. Alongside the Hulhumale' development, residential land reclamation is underway in the Male' region and outer islands. The administration has also launched the largest apartment construction initiative ever undertaken in the atolls.

To support homeownership, the government plans to introduce housing loans later this year, with interest rates below 5 percent, in line with Islamic finance principles. The scheme aims to expand access to affordable housing for all Maldivian citizens aged 18 and above.

The administration has also introduced a range of payment relief measures for flats allocated under social housing schemes. In addition, infrastructure upgrades are being made to improve living conditions in the Hiyaa housing complex, including the installation of two additional lifts in each residential tower to enhance accessibility.