The government has allocated MVR 3 billion for housing projects in its proposed 2027 budget.

Presenting the state budget for 2027 in Parliament, Finance Minister Hassan Zareer said the government considered providing lasting solutions to major social challenges one of its key priorities.

Minister Zareer said the housing crisis had remained a major concern for the public for years and that projects would be implemented across the country under the direct supervision of President Dr Mohamed Muizzu.

He said the planned projects are aimed to provide comprehensive solutions to overcrowding in the Male' area.

The budget also includes MVR 750 million as equity for a special housing loan scheme to help people who own land but cannot afford to build homes on it.

“It is a reality today that there are people who have their own land but do not have the financial means to build houses on it. Thus, next year's budget includes MVR 750 million for housing as equity of the special loan scheme,” Minister Zareer said.

“This will enable many families to realise their dream of their own housing.”

Minister Zareer added that funding had also been allocated to establish basic water and sewerage services on undeveloped land in island communities.

Providing housing for all within five years of the administration taking office is one of President Muizzu’s key pledges.

The government has proposed a total budget of MVR 59 billion for 2027, MVR 4.5 billion less than this year’s budget.