Construction activity has begun on five large-scale housing developments under the Maldives Monetary Authority’s Inclusive National Affordable Housing Scheme, marking a material step in the rollout of a financing-backed approach to home ownership.
The projects are being implemented through BML Affordable Home Leasing Company, a subsidiary of Bank of Maldives, and are designed to deliver more than 3,200 housing units across Hulhumale Phase 1, Hulhumale Phase 3 and Vilimale. All units will be offered through a lease-to-own structure, positioning the developments as a long-term intervention in the country’s housing affordability challenge.
The programme operates within the framework of the Maldives Monetary Authority Inclusive National Affordable Housing Scheme, which links housing delivery with financial sector governance standards. Contractors for the projects were selected following an evaluation process aligned with risk, compliance, and oversight requirements under the scheme.
Local firms Amin Construction, FW Construction, and Rasheed Carpentry Construction have been awarded portions of the work alongside international contractors Beijing Urban Construction Group and China Machinery Engineering Corporation. The mix reflects an approach that combines local industry participation with external construction capacity.
The projects are expected to contribute to easing housing supply pressures in the Greater Male region, where demand has consistently outpaced delivery. By structuring the developments around a leasing model rather than outright sales, the scheme aims to widen access to home ownership while maintaining financial discipline within the banking system.
Officials and representatives from the banking and housing sectors attended a ceremony in Hulhumale to mark the start of construction, framing the developments as part of a broader effort to align housing policy with financial inclusion objectives.
