The Government of Maldives has officially handed over land to the Bank of Maldives (BML) for the development of 3,000 housing units under the National Housing Affordability and Accessibility Project, a key initiative aimed at expanding access to affordable homes across the country.
The large-scale housing scheme will be carried out by BML’s newly established housing subsidiary, BML Affordable Home Leasing Pvt Ltd, in accordance with regulations set by the Maldives Monetary Authority (MMA).
According to officials, the project will see the construction of 300 housing units in Vilimalé and 2,700 units across Hulhumalé Phases I and II. The housing units will be made available to citizens under a lease-to-own model, allowing families to gradually acquire ownership while paying rent.
The project forms part of the government’s broader effort to make housing more accessible and affordable. The initiative was approved by the Cabinet on 5 October, and is designed to strengthen cooperation between financial institutions and the state in addressing the nation’s growing housing needs.
Speaking at the handover ceremony, BML CEO and Managing Director Mohamed Shareef said the scheme represents a milestone in public-private collaboration to tackle housing challenges.
“This scheme requires participation from all banks in the country,” Shareef explained. “With the permission of the Maldives Monetary Authority, we have established a dedicated subsidiary to finance, develop, and lease the housing units.”
He added that the model will significantly reduce land, financing, and development costs, ultimately lowering rental prices for residents.
“This approach will make housing far more affordable for ordinary Maldivians. We will be sharing further details soon,” he said.
The National Housing Affordability and Accessibility Project aims to expand the housing market through sustainable financial models, ensuring that more citizens can own homes without facing prohibitive costs.
The government said the collaboration with BML marks an important step toward meeting its commitment to provide secure and affordable housing for all, particularly in urban centres where demand remains high.
