Government to Expand Affordable Housing Project to Deliver 4,000 Capital Units

The Maldivian government is preparing to launch an additional affordable housing project through the BML Affordable Home Leasing Company, a subsidiary of the Bank of Maldives, to combat the severe housing shortage in the Greater Malé region. State Minister for Infrastructure, Housing and Urban Development, Ahmed Nazim Mohamed, announced on Thursday that the administration is currently allocating further land parcels to the corporation. This expansion follows a detailed assessment of the bank's financial capacity to sustain larger-scale developments. According to Minister Nazim, the initiative is already in motion, with construction currently underway on 3,260 flats across Malé and Villimalé. The broader strategic objective is to establish a total of 4,000 housing units within the capital region. This plan includes ongoing developments in Gulhifalhu and potential regional expansions depending on future land availability. Addressing the needs of residents outside the capital, the Minister assured that housing initiatives on outer islands will be completed within the current administrative term. He emphasized the government's commitment to ensuring citizens are safely settled in their own homes without prolonged delays. Minister Nazim noted that this approach represents a shift in governance, marking the first time an administration has prioritized the entire lifecycle of a major development—from initiation to final settlement—within a single term. He attributed this acceleration to enhanced collaboration between state institutions and the financial sector. By leveraging the BML subsidiary, the government aims to create a sustainable leasing model that makes homeownership more accessible for families struggling with the high cost of living in the urban centers of the Maldives.