Government, Bank of Maldives Partner to Deliver 3,260 Rent-to-Own Homes

The government has launched a new housing initiative with the Bank of Maldives (BML) to finance and deliver 3,260 housing units, framing it as an innovative domestic solution to a critical national need. Construction Minister Dr. Abdulla Muththalib described the project as a model introduced by President Dr. Mohamed Muizzu to utilize local financial institutions for housing development. He explained that challenges in securing foreign financing after the government took office prompted a strategic shift toward domestic funding. As part of this approach, the Maldives Monetary Authority (MMA) amended regulations to require financial institutions to allocate a percentage of funds to housing projects. The newly launched initiative with BML is a direct result of these steps, according to the minister. The 3,260 units will be allocated under the government's family housing policy. The project offers a rent-to-own model, allowing applicants to secure private housing through the bank without a large upfront payment, using a fixed-term agreement. Minister Muththalib called on local financial institutions, contractors, and developers to collaborate for national development, assuring them of continued government support, cooperation, and concessions. He stated the administration listens to the people and is working to deliver on their needs, with this housing solution aimed at providing secure housing for those in difficult living conditions.