President Dr Mohamed Muizzu has announced that the Government plans to introduce an equity financing scheme to make home construction more accessible.

Speaking at a press briefing on Monday, the President said the proposed financing model will enable homeowners to build houses through banks more easily and without unnecessary complications. He added that the Government is working to introduce the scheme using available financial resources.

President Dr Muizzu reiterated the Government's commitment to delivering its housing pledges during the current term, saying efforts are underway to expand financing opportunities for the housing sector.

He also revealed that preparations have been completed for 13 housing projects to be financed through the Bank of Maldives (BML), with construction set to begin soon. Physical works on housing projects in Malé and Vilimalé are scheduled to commence in July.

The President further said that construction has resumed on housing projects that had stalled before the current administration took office.

Highlighting ongoing projects in the atolls, he said the agreement process for the construction of 400 housing units in Kulhudhuffushi City is expected to be completed this week, describing it as one of the largest housing projects outside the Greater Malé Region.

President Dr Muizzu said a significant portion of construction work on most housing projects is expected to be completed by mid-2028, while reaffirming the Government's commitment to fulfilling its promises on land allocation and housing.

In addition, the President assured that housing and land would be allocated fairly, without the influence of any individual, and only to those who are eligible.