Govt Allocates MVR 3 Billion in 2027 Budget to Tackle Housing Crisis
The government has earmarked MVR 3 billion in the proposed 2027 state budget to accelerate housing development projects across the country, targeting a permanent resolution to the severe housing shortage and urban congestion in the Greater Malé area.
Presenting the budget to the People’s Majlis today, Minister of Finance and Public Enterprises Hassan Zareer identified the housing shortage as the single greatest concern facing Maldivian citizens.
advertisement
advertisement
He stated that nationwide housing expansion initiatives will advance rapidly under the direct supervision of President Dr Mohamed Muizzu.
Within the MVR 3 billion allocation, the Minister announced that MVR 750 million has been specifically allocated for equity assistance to support individuals acquiring loans to purchase or construct new residential homes.
The funding aims to assist citizens who are unable to secure conventional home-financing facilities due to the lack of upfront down payment capital.
The dedicated housing funds form part of the broader MVR 59.7 billion state budget proposed for 2027, which places strong emphasis on completing ongoing infrastructure developments, reducing overall expenditure by MVR 4.5 billion compared to 2026, and preserving macroeconomic stability without increasing taxes.
