Social housing down payment in islands to be cut by half

President Dr Mohamed Muizzu announced that down payments for rowhouses and flats constructed by the government as social housing in the atolls will be cut by half.

In his recent visit to Thaa atoll, the President's final stop was in the island of Thimarafushi. Speaking to residents there, the President said that he has been receiving complaints from the public that the prices of social housing units on some islands are too high. 

The President said that the government has even now lowered the monthly rent of social housing units. The President was referring to the government's decision in December 2023 to bring down the monthly rent of housing units in islands from the average of MVR 5000 to MVR 3,300. 

The President said that such units have been set at MVR 20,000 with a three month grace period, but acknowledged that many still find the amount too steep. 

"So, god willing, we will reduce the down payment to MVR 10,000," the President announced. 

He further said that the grace period will come into effect once the unit is fully completed and is inhabited. 

President Muizzu also announced that a project to construct a further 100 housing units in Thimarafushi will be included in next year's budget.