President Dr Mohamed Muizzu has stated that housing projects launched by the Government will be completed by mid-2028, enabling beneficiaries to move into their homes within the current term.

Speaking at a press briefing, President Dr Muizzu acknowledged that some housing projects have not progressed at the desired pace. He said delays were partly due to the Government’s decision to implement projects through investor-financed models instead of relying solely on the State budget.

The President noted that no previous government has completed housing projects and handed them over to recipients within a single term. He said the current Administration aims to change this by completing ongoing projects and ensuring timely handover of units.

As part of these efforts, President Dr Muizzu reaffirmed that 3,260 housing units being developed in Hulhumalé and Villimalé with financing from the Bank of Maldives are expected to be completed by July 2028, allowing beneficiaries to move in soon after.

He added that additional housing projects are being planned alongside these developments, including further initiatives under the affordable housing policy introduced by the Maldives Monetary Authority. These projects are expected to expand the number of housing units beyond those financed by BML.

The President also said efforts are ongoing to develop housing units with support from foreign partners. Technical work is progressing on projects financed through external assistance, including India’s line of credit, with more housing units in the pipeline.

“Our aim is to hand over flats to those selected under the current housing scheme within this term. That includes around 8,000 flats. This means practical work on all these projects must begin within the next one to two months,” President Dr Muizzu said.

He added that physical work on all housing projects is expected to commence, at the latest, within the second quarter of this year, noting that construction of BML-financed housing units has already begun.

In addition to projects in the Greater Malé Area, the President said housing developments in the atolls, funded through both BML financing and the State budget, are also expected to be completed within the current term and handed over to beneficiaries.