President Dr. Mohamed Muizzu has inspected the ongoing construction of 4,000 flats in Hulhumalé Phase II, a flagship initiative under his administration’s efforts to alleviate the Maldives’ housing shortage.
During the site visit, the President was briefed on the current status of the development. The project, which had previously stalled, has seen significant progress over the past 18 months following President Muizzu’s directive to accelerate housing delivery for Maldivian citizens. Most construction work is now nearing completion, with the government targeting the beginning of occupancy later this year.
President Muizzu assured that all flats will be allocated to eligible applicants who meet the set criteria, provided there is no fraud or regulatory non-compliance.
The administration has positioned this project within a broader strategy to implement the most comprehensive housing programme in the country’s history. This includes major land reclamation projects in the Malé region and outer islands, alongside the largest apartment construction initiative ever launched in the atolls.
To further increase homeownership, the government plans to roll out housing loans later this year with interest rates below five percent, fully aligned with Islamic finance principles.
Under this inclusive housing policy, every Maldivian citizen aged 18 and above will have the opportunity to own a home—aiming to provide equitable, independent housing solutions nationwide.
Additionally, the government has introduced new payment relief measures for beneficiaries of existing social housing schemes. For residents of the Hiyaa flats, infrastructure improvements are underway, including the installation of two additional lifts in each building to improve accessibility and daily convenience.
During the site visit, the President was briefed on the current status of the development. The project, which had previously stalled, has seen significant progress over the past 18 months following President Muizzu’s directive to accelerate housing delivery for Maldivian citizens. Most construction work is now nearing completion, with the government targeting the beginning of occupancy later this year.
— The President's Office (@presidencymv) June 19, 2025
President Muizzu assured that all flats will be allocated to eligible applicants who meet the set criteria, provided there is no fraud or regulatory non-compliance.
The administration has positioned this project within a broader strategy to implement the most comprehensive housing programme in the country’s history. This includes major land reclamation projects in the Malé region and outer islands, alongside the largest apartment construction initiative ever launched in the atolls.
— The President's Office (@presidencymv) June 19, 2025
To further increase homeownership, the government plans to roll out housing loans later this year with interest rates below five percent, fully aligned with Islamic finance principles.
Under this inclusive housing policy, every Maldivian citizen aged 18 and above will have the opportunity to own a home—aiming to provide equitable, independent housing solutions nationwide.
Additionally, the government has introduced new payment relief measures for beneficiaries of existing social housing schemes. For residents of the Hiyaa flats, infrastructure improvements are underway, including the installation of two additional lifts in each building to improve accessibility and daily convenience.