President Mohamed Muizzu has pledged that housing projects initiated under the current administration will be completed and ready for occupancy by mid-2028, assuring that beneficiaries will receive their homes within the government’s term.
The President made the remarks during his weekly press conference held on Monday morning, where he responded to a journalist’s question regarding concerns over the pace of ongoing housing developments.
Addressing the issue, he explained that project timelines have been influenced by a shift in financing strategy. Instead of relying solely on state funds, the government is now adopting a commercially viable model that incorporates private investment to accelerate delivery.
He noted that, historically, housing projects launched by previous administrations were not completed within the same term, but emphasized that the current government aims to change that pattern by ensuring projects underway are delivered on time.
As part of this effort, the President highlighted the 3,260 housing units planned for Hulhumalé and Vilimalé, which are being financed through the Bank of Maldives (BML). He said these units are expected to be completed by July at the latest, allowing residents to move in.
Beyond these projects, the government is also preparing to roll out additional housing developments under the Affordable Housing Policy introduced by the Maldives Monetary Authority (MMA).
The President added that collaboration with international partners is ongoing to expand housing supply through foreign aid and loan arrangements. Among these are projects supported under a Line of Credit from the Indian government, where technical preparations are already progressing.
He further stated that the administration’s target is to deliver housing for those selected under the current flat allocation scheme within this term — a figure estimated at around 8,000 units. To meet this goal, physical construction work on all planned housing projects is expected to begin within the coming months.
According to the President, groundwork for the BML-financed units has already commenced, while construction across other projects is expected to start by the second quarter of this year at the latest.
He expressed confidence that housing developments will not be limited to the Greater Malé region, noting that projects in the atolls — funded through both BML financing and the state budget — are also set to begin this year and be completed within the government’s current term.
The announcement comes as housing remains one of the administration’s key priorities, with thousands of applicants awaiting flats under ongoing allocation programmes.
