BML estimates rent at MVR 10,000 for three-bedroom flats

The Bank of Maldives (BML) has indicated that the monthly rent for three-bedroom flats under its housing project is expected to be around MVR 10,000, according to Chief Executive Officer and Managing Director Mohamed Shareef.

Shareef made the statement during an appearance on PSM’s ‘Raajje Miadhu’ programme on Tuesday evening.

He said the project is being implemented in collaboration with the Ministry of Housing to provide housing for individuals in the affordable housing category.

While noting that final rental rates have not yet been determined, Shareef said current estimates place the rent for a three-bedroom apartment at around MVR 10,000.

“Based on our current calculations, the rent of a three-bedroom apartment is likely to be settled at around MVR 10,000,” he said.

Shareef stated that market rents for similar apartments range between MVR 25,000 and MVR 30,000.

BML has planned the development of 3,260 flats in the Malé area. Construction of 1,224 units under the housing scheme commenced on Saturday.

The project has been awarded to China Machinery Engineering Corporation (CMEC) and is scheduled for completion by mid-2028.

The housing development is being carried out under the Inclusive National Affordable Housing Scheme (INAHS) introduced by the Maldives Monetary Authority (MMA).

According to BML, the flats will be offered under a lease-to-own model or through a rental arrangement.