As part of the government’s strategic initiative to address the housing challenges in the Maldives, over MVR 1 billion in financing has been approved for 820 applicants under the “Hiyaavehi Financing Scheme.” This Shari’ah-compliant scheme features a 5% profit rate with a flexible repayment period of 25 years. The financing structure is divided into three primary categories: a maximum of MVR 1 million for rural islands, MVR 3 million for designated urban centers, and MVR 6 million for the Greater Malé Area.
In addition to the financing scheme, the development of 800 housing units is currently progressing across various atolls. The government aims to complete these projects and handover the units to beneficiaries by mid-2028. These efforts reflect the high priority placed by President Dr. Mohamed Muizzu on his administration’s policy to ensure secure and affordable housing for all citizens.
