Rent for three-bedroom flats will not exceed MVR 10,000: President

Rent for three-bedroom flats built under the government’s flagship Housing for All programme will be capped at MVR 10,000, President Dr Mohamed Muizzu has said.

The policy is the administration’s largest pledge to tackle Maldives’ housing crisis.

The Housing for All plan identifies two flat models, which will be offered through the Inclusive National Affordable Housing Scheme established by the Maldives Monetary Authority (MMA).

The scheme is designed to provide financing for first-time homebuyers in the Male' area.

President Muizzu announced last week that 15,000 land plots and 7,500 flats would be allocated under the scheme. Following an MMA directive, the Bank of Maldives (BML) has begun work on 3,000 flats, with other banks also preparing to launch housing projects.

Speaking at an event at the Social Centre marking the administration’s two-year anniversary last night, the President said all such projects would fall under the government’s housing umbrella.

“Three thousand are BML, and 4,500 flats will be built with foreign donations. A total of 7,500 flats will be built,” he said.

He said applications for flats and plots will open in January, with priority given to those most in need. However, he said others would not be excluded from future opportunities.

“I have a big promise. To provide housing to all people over the age of 18 who do not have housing,” he said.

“There are more projects to come until that promise is fulfilled. So don’t be disappointed.”

President Muizzu said the land and flats would provide a “permanent solution” to housing shortages in the Male' area.

The government plans to release 15,000 plots from the new Rasmale’ development first.

“The whole of Rasmale’ is 25,000 plots. It will not only provide land. Plots will not be the only thing provided from Rasmale'; it will be a modern eco-city,” he said.

President Muizzu said that large dredgers will arrive in December, with land reclamation expected to finish by March or April.

The administration will allocate plots only after eligible recipients are confirmed, and will not designate land from unreclaimed areas as the previous government did, he added.