BML Affordable Housing Project Expands by 540 Units, Aims for 5,000 Homes

The Bank of Maldives (BML) will build an additional 540 affordable homes, a major expansion of its housing initiative aimed at tackling the nation's shelter needs. CEO Mohamed Shareef announced the move, which aligns with the government's 'Boahiyaavahikan Enmenah' policy championed by President Dr. Mohamed Muizzu. Shareef said the decision by the BML Affordable Home Leasing Company responds to sustained market demand. The bank intends to award the construction contract to a local company or consortium, targeting completion before the end of 2028. This new phase will bring the total number of residences under the BML programme to 3,800 units, with practical work expected to start soon. The financing framework follows Maldives Monetary Authority regulations, allowing customers of the Maldives Islamic Bank to secure loans at favourable rates. Shareef expressed hope for wider financial sector involvement, projecting that if other institutions join the scheme, the total number of developed units could reach 5,000. Delivering the 3,800 homes over the next two-and-a-half years will require an estimated capital investment of USD 369.13 million. Shareef stated that this domestic spending is projected to stimulate a 3 percent expansion in the nation's nominal GDP, driven directly by increased construction sector activity.