The Cabinet has approved the launch of the National Housing Affordability and Accessibility Project, a nationwide initiative aimed at addressing housing challenges and improving access to affordable homes across the Maldives.

The project is designed to provide sustainable, long-term solutions to the country’s housing needs while fostering a more affordable and efficient housing market. As part of the initiative, opportunities will be created for developers to construct affordable housing units at their own expense, with a special mortgage scheme to be introduced in consultation with banks to improve access to home financing. In addition, housing units will be developed in collaboration with financial institutions and offered to the public through a lease-to-own model. A portion of the units will also be purchased by the government for allocation to eligible beneficiaries who meet defined criteria.

The Cabinet further agreed to extend provisions of the Housing Bill, currently before the People’s Majlis, to ensure the necessary legal framework for the project’s implementation.