Cabinet Endorses Major National Project to Boost Affordable Housing Access

News

The Cabinet has approved the National Housing Affordability and Accessibility Project, a key initiative aimed at addressing the Maldives’ long-standing housing challenges and ensuring better access to affordable homes nationwide.

The project seeks to create a sustainable and inclusive housing market, introducing several measures to make homeownership more attainable.

Among the key initiatives are:

1. Allowing private developers to build affordable housing at their own expense, with special concessions for participants.
2. Launching a dedicated end-user mortgage scheme in consultation with banks to help individuals finance home purchases.
3. Offering lease-to-own housing options in partnership with financial institutions.
4. Purchasing a portion of units from developers to allocate to eligible beneficiaries under defined criteria.

The Cabinet also decided to include specific provisions for the project in the Housing Bill currently being reviewed by the People’s Majlis, ensuring a solid legal foundation for its execution.