The administration of President Dr. Mohamed Muizzu has approved the launch of the National Housing Affordability and Accessibility Project, a landmark initiative aimed at delivering sustainable, affordable housing to Maldivians across the nation.
Announced following today’s Cabinet meeting, the decision underscores the government’s commitment to addressing one of the country’s most pressing social issues — housing insecurity — through a comprehensive, market-driven, and financially sustainable model.
Under the project, private developers will be empowered to construct affordable housing units at their own expense, benefiting from special government concessions designed to stimulate investment in low-cost housing. To ensure accessibility for ordinary citizens, the government will introduce a dedicated end-user mortgage scheme developed in partnership with local banks, offering favorable financing terms for individuals purchasing units under this program.
In addition, the government will collaborate with financial institutions to build and lease housing units under a lease-to-own model, allowing families to gradually acquire ownership while maintaining affordability. A portion of these units will also be purchased by the state and distributed to eligible beneficiaries who meet transparent, predefined criteria.
To reinforce the project’s longevity and transparency, the Cabinet has also agreed to integrate legal provisions for the initiative into the upcoming Housing Bill, currently being debated in the People’s Majlis. This move will ensure that the framework for housing development remains accountable, consistent, and protected by law.
The National Housing Affordability and Accessibility Project marks a major milestone in President Muizzu’s broader vision to make “home ownership a right, not a privilege” — a cornerstone of his administration’s pledge to improve living standards and strengthen social equity across all islands.
