President Dr Mohamed Muizzu has inspected the ongoing development of 4,000 flats in Hulhumalé Phase II, a key initiative under the Government’s efforts to address the country’s housing shortage.
During the visit, the President received a comprehensive update on the project’s progress.
The previously stalled development has seen notable acceleration over the past 18 months, following President Dr Muizzu’s directive to fast-track housing delivery for Maldivian citizens. The majority of construction work is now nearing completion. In this regard, the Government aims to begin occupancy later this year, with the project remaining on track for full completion in the shortest possible timeframe
The President also reaffirmed that all eligible applicants who meet the established criteria, without any instances of fraud or regulatory non-compliance, will be allocated flats.
The Government’s broader objective is to implement the most comprehensive housing programme in the nation’s history during the current Administration. As part of this strategy, residential land reclamation projects are underway across the Malé region and outer islands. In parallel, the Government has launched the largest apartment construction scheme ever undertaken in the atolls, underscoring its commitment to addressing the national housing shortage.
To support these efforts, the Administration is preparing to introduce housing loans later this year, with interest rates below 5 per cent. Fully compliant with Islamic finance principles, the scheme aims to expand homeownership opportunities nationwide.
Under this inclusive policy framework, every Maldivian citizen aged 18 and above will be granted access to homeownership, ensuring equitable and independent housing solutions as a central pillar of this national transformation.
Furthermore, the Administration has introduced wide-ranging payment relief measures for apartments allocated through various social housing programmes. To complement these efforts, infrastructure improvements are underway to enhance living conditions for residents of the Hiyaa housing scheme, including the installation of two additional lifts in each residential tower to improve accessibility and convenience.