President Dr Mohamed Muizzu has officially inaugurated the Bank of Maldives (BML) Affordable Housing Project in Hulhumalé Phase II, marking a major milestone in the government’s efforts to expand homeownership opportunities for Maldivian families.
The groundbreaking ceremony, held tonight, was attended by First Lady Sajidha Mohamed alongside senior government officials and key stakeholders.
1,224 Housing Units Under Lease-to-Own Scheme
The project will deliver a total of 1,224 housing units under a lease-to-own model, offering a practical and accessible pathway to homeownership for Maldivians. This initiative is expected to significantly ease housing challenges, particularly for middle-income families seeking long-term residential stability.
Part of Broader National Housing Strategy
The development is aligned with the Inclusive National Affordable Housing (INAH) framework introduced by the Maldives Monetary Authority (MMA), aimed at addressing housing shortages through sustainable financing solutions.
According to a statement by the Bank of Maldives, its subsidiary, BML Affordable Home Leasing Company, has committed to developing a total of 3,260 housing units under this framework.
Collaboration with International Contractor
Construction of the 1,224 units has commenced in partnership with China Machinery Engineering Corporation (CMEC), a company recognized for its extensive experience in delivering major infrastructure projects in the Maldives.
The project is scheduled for completion by mid-2028.
Expanding Homeownership Opportunities
The launch of this project reflects the administration’s continued focus on delivering large-scale housing solutions and improving living standards across the country. By introducing flexible financing models such as lease-to-own, the initiative aims to make homeownership more attainable for a wider segment of the population.
This development in Hulhumalé Phase II further strengthens the government’s broader vision of ensuring adequate, affordable housing for all Maldivians.
