The Cabinet has decided to proceed with the National Housing Affordability and Accessibility Project to increase citizens’ affordability for housing. This project has been decided to be implemented with the aim of finding a sustainable solution to the housing problem facing the Maldives and creating an affordable and sustainable housing market.
Initiatives decided to be implemented under this project:
- Providing special concessions to builders and opening opportunities for them to develop affordable housing units at their own expense.
- Introducing a special mortgage scheme for end-user financing in consultation with banks to facilitate bank financing for those purchasing these housing units.
- Developing housing units with the assistance of financial institutions and arranging for the general public to own these units under a lease-to-own model.
- The government purchasing some units from developers and designating these units as those provided to individuals meeting specific criteria.
Additionally, the Cabinet has decided to proceed by adding project-related matters to the Housing Bill that the government has already submitted to the People’s Majlis, in order to obtain the legal authority needed to implement the initiatives under this project.
