Cabinet Approves National Housing Affordability and Accessibility Project

The Cabinet has approved the National Housing Affordability and Accessibility Project, a new initiative aimed at improving access to affordable housing across the Maldives. 

The decision was taken during yesterday’s Cabinet meeting.

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According to the President’s Office, the project seeks to provide a sustainable, long-term solution to the country’s housing challenges while fostering a more accessible and affordable housing market.

Key measures under the project include:

• Allowing developers to construct affordable housing units at their own expense, with special concessions provided to participating developers.
• Introducing a dedicated end-user mortgage scheme, developed in consultation with banks, to help individuals finance the purchase of housing units under the project.
• Developing housing units in partnership with financial institutions and offering them to the public through a lease-to-own model.
• Purchasing a portion of units from developers for allocation to eligible beneficiaries who meet defined criteria.
  

The Cabinet also agreed to include provisions related to the project in the Housing Bill currently under consideration by the People’s Majlis, ensuring a clear legal framework for its implementation.