Gov’t Prioritises First-Time Buyers in 1,000-Flat Hulhumalé Project

The government has announced a new affordable housing programme placing first-time homebuyers and family stability at the centre of national housing policy.

The announcement was made as the administration invited contractors to construct 1,000 new flats in Hulhumalé Phase III, marking a shift from previous real estate strategies.

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The project will be developed across five parcels of land, with each parcel accommodating 200 flats. Seventy per cent of the units will be designed as three-bedroom flats to meet the needs of growing families. Authorities have set a completion deadline of 30 months for the project.

In the past, housing policy relied on two main approaches: social housing financed through borrowing and commercial real estate developments managed by the Housing Development Corporation. Although these initiatives offered a limited number of flats at controlled prices, a considerable proportion were acquired for investment or rental purposes rather than by families seeking their first home.

Under the current administration’s ‘Boahiyaavehikan Emmenah’ policy, first-time buyers have been given priority. The Housing Ministry has called for contractors to construct 1,000 affordable home ownership flats under a public-private partnership model

The project has been reserved for companies with 100 per cent Maldivian ownership in order to strengthen domestic participation in the housing sector. The minister stated that the policy is intended to promote family stability, reduce financial vulnerability and reinforce the country’s socio-economic fabric.