President Muizzu Announces Expansion of Major Housing Projects Through Next Year

President Dr Mohamed Muizzu has affirmed that the government will maintain its momentum in the housing sector, with several major projects currently underway and new initiatives slated for launch next year. Speaking on PSM’s "Nation Chat," the President emphasized that housing is a fundamental right for all citizens, placing the sector at the forefront of his administration's priorities. He detailed a multi-pronged approach to addressing the national housing shortage, involving both domestic financing and international partnerships. Currently, approximately 900 housing units across 13 islands have been awarded through financing provided by the Bank of Maldives (BML). In more densely populated areas, the Housing Development Corporation (HDC) is overseeing the implementation of additional projects. In the Greater Male’ region specifically, contracts have already been awarded for the construction of up to 4,000 flats. The President also noted a strong public response to the government's affordable home ownership scheme, which aims to develop 2,000 units. To bolster these efforts, the Maldives is leveraging international assistance. President Muizzu revealed that discussions are ongoing with the Indian government to accelerate the construction of 4,000 units under India’s Line of Credit (LoC). Additionally, China is expected to develop 500 housing units, with administrative preparations currently in progress. Beyond new construction, the administration is focusing on financial accessibility through the issuance of housing loans over the past two years. The President highlighted that a primary goal upon taking office was the completion of projects started by the previous administration, resulting in the handover of 4,000 flats and various land allocations to recipients. However, the President raised concerns regarding the management of the previous government, alleging that certain land allocations were made in areas that had not yet been reclaimed or dredged, creating complications for future development.