The prices of flats released under the Gedhoruveriya housing scheme have undergone significant changes, with new prices now announced.

Speaking at a press conference held at the President's Office today, the Minister of Construction, Housing and Infrastructure of Maldives, Dr Abdulla Muththalib, explained that the prices announced in November 2023 were set without properly assessing the expenditure the government would need to cover when repaying the EXIM Bank loan for this project. He emphasised that these initial prices were neither appropriate nor fair.

The Minister clarified that to repay the EXIM Bank loan, they need to collect MVR 13,000 from three-bedroom flats and MVR 9,000 from two-bedroom flats.

The newly established prices for flats under the Gedhoruveriya scheme are:

According to the Minister, these prices have been determined based on the principle that Government housing projects should operate with minimal burden on the national budget. Nevertheless, he noted that even with these revised prices, the Government will still need to subsidise approximately MVR 100 million annually.