Bank-Funded Housing Initiative to Deliver 3,260 Units Under Rent-to-Own Model

A new housing initiative backed by Bank of Maldives will provide 3,260 homes through a rent-to-own model, offering an affordable path to homeownership for Maldivian families. Construction Minister Dr Abdulla Muththalib described the program as an innovative solution introduced by President Dr Mohamed Muizzu to finance housing projects through local financial institutions. Minister Muththalib explained that the government's housing projects aim to secure housing for people in difficult living conditions. Upon assuming office, the administration faced challenges in obtaining foreign financing due to the country's financial situation, leading to a strategic shift towards domestic funding. To support this, the Maldives Monetary Authority amended regulations, requiring financial institutions to allocate a percentage of funds to housing projects. The initiative with Bank of Maldives results from these steps, ensuring continuity under the government's family housing policy. The rent-to-own model provides a fixed-term arrangement without large upfront payments, making private housing accessible. Minister Muththalib called for collaboration among local financial institutions, contractors, and developers for national development, assuring ongoing government support, cooperation, and concessions. He emphasized that the current administration listens to the people and works to deliver on their needs.