President Dr Mohamed Muizzu has revealed that the Maldivian government will begin the search for contractors to implement all planned housing projects within this month. The announcement, made during a visit to Gulhi in Kaafu Atoll, highlighted that 2025 will be marked by significant development across the country, with housing projects taking centre stage.
In his address, President Muizzu outlined that while a range of development initiatives would be rolled out throughout the year, housing projects will be given top priority. The government’s aim is for 2025 to be remembered as a year of substantial progress in the housing sector, with practical work on the majority of housing schemes set to commence soon.
The President confirmed that all housing projects included in the government’s election manifesto, along with those pledged during the campaign, would be awarded to contractors by the end of January.
As part of the government’s commitment, a total of 40,000 housing units are planned: 20,000 in the southern regions and an equal number in the north. The government’s 2025 budget allocated USD 162.1 million for housing development, with USD 64.9 million designated for infrastructure work.
In addition to the housing units, efforts are underway in the Male’ Area. The President underscored that the Ras Male’ land reclamation project will be accelerated, with the government seeking additional contractors to speed up the dredging process. This effort is aimed at increasing the pace of reclamation by deploying multiple dredgers simultaneously, a move expected to considerably reduce timelines for the project.
President Muizzu also indicated that the government’s Hiyaavahi loan scheme, which aims to provide financial support to homeowners, will begin disbursing loans this year. The scheme is designed to assist individuals in managing the costs of homeownership.
Furthermore, the President assured that outstanding dues owed to private contractors would be settled within the first two months of 2025. The settlement is expected to ease financial pressures on construction firms and encourage the initiation of new projects, thereby stimulating further economic activity in the sector.
