The construction of 4,000 housing units by Fahi Dhiriulhun Corporation (FDC) in Hulhumalé Phase Two is nearing completion, marking a major milestone in the Government’s efforts to address the Maldives’ longstanding housing shortage.

During an inspection visit to the site on Thursday, President Dr Mohamed Muizzu received a detailed briefing on the project’s progress. The previously stalled development has seen significant momentum over the past 18 months, following the President’s instructions to fast-track housing delivery. With the majority of construction now in its final stages, the Government aims to begin handing over completed flats to eligible recipients later this year.

According to the President, flats will be allocated to individuals who meet the required eligibility criteria, with cases involving fraud or regulatory violations excluded from the allocation process.

The 4,000-unit project is part of a wider State-led housing plan, which includes land reclamation in parts of the Malé region and outer islands, as well as apartment construction projects in the atolls.

A housing loan scheme is expected to be introduced later this year, offering interest rates below 5 per cent. This marks a significant step, as current interest rates on housing loans remain largely unaffordable for the average citizen. The loans are being designed in line with Islamic finance principles and the Government has said that all citizens aged 18 and above will be able to apply.

The FDC flats project is one of several initiatives currently underway aimed at increasing housing availability in the country.