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

The government is launching a new housing initiative funded by the Bank of Maldives, aiming to deliver 3,260 housing units under a rent-to-own scheme. Construction Minister Dr. Abdulla Muththalib described the project as an innovative domestic financing model developed by President Dr. Mohamed Muizzu to overcome foreign funding challenges. Minister Muththalib explained that securing foreign financing for housing was difficult when the administration first took office, prompting a shift towards local financial solutions. As part of this strategy, the Maldives Monetary Authority amended regulations to require financial institutions to allocate a percentage of funds for housing projects. The newly launched initiative with BML is a direct result of these steps. The units will be allocated under the government's family housing policy, offering a path to private homeownership without a large upfront payment through a fixed-term rent-to-own model. The minister emphasized that the project's core aim is to provide secure housing for people living in difficult conditions. He called on local financial institutions, contractors, and developers to collaborate for national development, assuring them of continued government support, cooperation, and concessions. Muththalib stated the administration is committed to listening to the people and delivering on their needs.