President Muizzu to Explore Options for Easing Down Payment and Rent for Hulhumalé Flats

President Dr Mohamed Muizzu announced he will explore alternative measures to ease the payment of down payments and rent for the 4,000 flats developed by the previous administration in Hulhumalé.

He made the remarks during his closing address at a meeting with Galolhu residents, Malé City, held yesterday evening at Imaadhudheen School.

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During the session, a beneficiary raised concerns that the MVR 25,000 down payment, combined with MVR 10,500 in monthly rent for three-room apartments, was excessive. Highlighting that this is the highest amount the rent for a housing unit under a social housing scheme in the Maldives, requests were made to decrease the rent and to remove the down payment. 

Addressing these concerns, President Muizzu said he would look into possible solutions to implement “positive” changes. 

“So this issue [of down payments] is something that I take very seriously. To see if the solution to the MVR 25,000 downpayment to the 4,000 flats is to remove it or what else can be done, or to disperse it through the months, we can go and check what can be done,” he said.

The President also highlighted the progress on the flats, noting that all towers will have water and electricity by the end of this month. He added that the handover process will be completed next week and that the flats will be occupied before the end of the month.

The 32 towers, constructed by Fahi Dhiriulhun Corporation in Hulhumalé Phase 2, include both two-room and three-room apartments. Monthly rent for two-room apartments is MVR 8,000, with a downpayment of MVR 15,000, while three-room apartments carry a monthly rent of MVR 10,500 and a MVR 25,000 downpayment. Keys will be handed over once down payments are settled.