Under the government’s “Housing for All” policy, the Ministry of Housing, Land, and Urban Development is preparing to launch the physical development of 1,000 housing units in Hulhumalé Phase 3 by the middle of this year. To maximize opportunities for local Maldivian companies, the project has been divided into five segments, utilizing both affordable homeownership and rent-to-own models.
The maximum price for a three-bedroom apartment in this project is set at MVR 2.3 million, while two-bedroom units are capped at MVR 1.8 million. The government aims to complete the construction by August 2028, with the goal of handing over the keys to tenants within the same year. In addition to this project, several other housing initiatives are currently underway across various locations in the Greater Malé Area.
