The Cabinet has approved the National Housing Affordability and Accessibility Project, a major initiative aimed at improving access to affordable housing across the Maldives.
The project seeks to deliver sustainable, long-term solutions to the country’s ongoing housing challenges by expanding opportunities for home ownership and stabilising the housing market.
Among its key measures, the project will create opportunities for private developers to build affordable housing units at their own expense, with special concessions to encourage participation. A new end-user mortgage scheme, developed in consultation with local banks, will also be introduced to help individuals access financing for home purchases under the project.
The government further plans to collaborate with financial institutions to develop housing units and offer them to the public through a lease-to-own model, designed to make home ownership more accessible to lower- and middle-income families. In addition, the state will purchase a portion of the units from developers for allocation to eligible beneficiaries who meet established criteria.
To ensure the project’s continuity and proper governance, the Cabinet has also agreed to include specific provisions within the Housing Bill currently being reviewed by the People’s Majlis. This will provide a legal framework for the project’s implementation and oversight.
Once launched, the National Housing Affordability and Accessibility Project is expected to play a key role in addressing housing inequality and shaping a more inclusive real estate market across the Maldives.
