New BML-Backed Rent-to-Own Initiative to Deliver 3,260 Housing Units

A major new housing initiative, financed domestically through the Bank of Maldives, will provide 3,260 housing units under a rent-to-own model. Construction Minister Dr. Abdulla Muththalib described the project as an innovative solution developed by President Dr. Mohamed Muizzu to overcome challenges in securing foreign funding. Minister Muththalib explained that when the current administration took office, the country's financial situation presented obstacles to obtaining international financing for housing. This prompted a strategic shift towards mobilizing domestic financial resources to ensure the continuity of critical housing projects. As part of this new approach, the Maldives Monetary Authority (MMA) amended its regulations, requiring local financial institutions to allocate a specific percentage of funds to housing development. The minister stated that the government's core objective is to provide secure housing for citizens living in difficult conditions. The newly launched initiative with BML will allocate units under the government's family housing policy. The rent-to-own model offers a fixed-term pathway to private homeownership without requiring a large upfront payment, making it more accessible. 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 emphasized that the administration is focused on listening to the people and delivering on their needs.