Today, the Cabinet has approved a national project to boost housing affordability and accessibility in the Maldives.
The project aims to solve the housing crisis and build a sustainable housing market.
Key measures include:
-
Grant concessions to developers to build affordable units at their own cost.
-
Work with banks to introduce a special mortgage scheme.
-
Develop units with financial institutions under a lease-to-own model.
-
Purchase units from developers and allocate them to eligible citizens.
The Cabinet also decided to add these provisions to the Housing Bill now in the People’s Majlis. This will provide the legal authority to implement the project.
