Mohamed Shareef, the CEO of Bank of Maldives (BML), has announced that the monthly rent for three-bedroom apartments developed under the bank’s newly launched “Affordable Housing” project will be approximately MVR 10,000. Compared to current market rates, this initiative is expected to provide significant financial relief to the public.
In collaboration with the government, the project aims to develop a total of 3,260 housing units across Hulhumalé Phase 1, Phase 3, and Villimalé. BML intends to complete these developments by mid-2028 through partnerships with both local and international contractors. These high-quality housing units will be offered under a rent-to-own model, granting full ownership to tenants upon the completion of their payments.
