President Dr Mohamed Muizzu has stated that social development and security can only be guaranteed by providing a permanent solution to the housing crisis.
The President made these remarks this morning whilst delivering the Presidential Address at the first sitting of the first session of the 20th People's Majlis for the year.
He emphasised that resolving the housing issue remains a top priority for the Administration, highlighting ongoing efforts under the Housing for All (Boahiyaavahikan Enmenah) policy, particularly the opportunities created through the Family Housing (Aailee Boahiyaavahikan) programme. The President noted that the policy encompasses a range of solutions: increasing opportunities for affluent families to acquire housing through real estate models, facilitating affordable home purchases for middle-class families via bank mortgages, and constructing social housing for families unable to purchase property independently. He added that the Government aims to complete the land reclamation of Rasmalé, which will provide 15,000 land plots, by April this year.
The President also shared statistics on the success of the Hiyaavehi Financing Scheme, launched to provide financial assistance in the housing sector, and highlighted efforts to increase Maldivian banking sector participation in housing provision. He noted the establishment of the Inclusive National Affordable Housing framework by the Maldives Monetary Authority (MMA), under which the equity requirement for Bank of Maldives (BML) loans to purchase a house or flat has been reduced from 20 per cent to 5 per cent. Additionally, homeowners can now access construction and renovation loans of up to MVR 3 million without pledging supplementary assets as security.
The President announced that the Government has proposed amendments to the Maldives Pension Act to define circumstances under which pension funds can be collateralised for purchasing, constructing, or renovating homes. He added that deliberations on the Government-proposed Housing Bill are currently underway at committee stage.