The government has opened opportunities for 100% Maldivian-owned companies to develop 2,100 housing units across 13 islands under the “National Affordable Home Ownership Program.” This initiative, which follows a contractor finance model, is mandated for completion within a two-year period.
Under the project framework, 60% of the three-bedroom apartments must be designated as social housing, with a price cap of MVR 1.5 million per unit. Developers are permitted to sell the remaining 40% of the units at market rates. To support the feasibility of the project, the government will provide land free of charge and offer fiscal incentives, including exemptions from import duties and Goods and Services Tax (GST). Interested parties are invited to submit their proposals by the 17th of next month.
