Government Launches Rent-to-Own Housing Scheme for 3,260 Units Through BML

The government has launched a new initiative with the Bank of Maldives (BML) to deliver 3,260 housing units under a rent-to-own model, marking a strategic shift towards domestic financing for national development. Construction Minister Dr. Abdulla Muththalib stated the program, launched under the government's family housing policy, is an innovative solution introduced by President Dr. Mohamed Muizzu. It is designed to provide secure housing for citizens facing difficult living conditions without requiring large upfront payments. The minister explained that challenges in securing foreign financing upon taking office, due to the country's financial situation, prompted a pivot to local funding. As part of this strategy, the Maldives Monetary Authority (MMA) amended regulations to require financial institutions to allocate a percentage of funds to housing projects. Minister Muththalib called on local banks, contractors, and developers to collaborate for national development, assuring them of continued government support, cooperation, and concessions. He emphasized that the current administration listens to the people and is committed to delivering on their needs.