Cabinet approves housing affordability, accessibility project
The project aims to provide a sustainable, long-term solution to the country’s housing challenges and to help foster a more affordable housing market.
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The Cabinet on Sunday decided to move forward with the National Housing Affordability and Accessibility Project, designed to improve access to affordable housing across the Maldives.
The project aims to provide a sustainable, long-term solution to the country’s housing challenges and to help foster a more affordable housing market.
Key measures under the project include:
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1-
Creating opportunities for developers to construct affordable housing units at their own expense, with special concessions offered to participating developers.
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2-
Introducing a dedicated end-user mortgage scheme, developed in consultation with banks, to facilitate access to financing for individuals purchasing housing units under the project.
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3-
Developing housing units in collaboration with financial institutions and offering them to the public through a lease-to-own model.
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4-
Purchasing a portion of the units from developers for allocation to eligible beneficiaries who meet defined criteria.
Additionally, the Cabinet has agreed to incorporate provisions related to the project in the Housing Bill currently under consideration by the Parliament, ensuring a clear legal framework for its implementation.
