Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib has stated that the government’s new affordable housing project will help reduce the social housing waiting list by increasing the supply of affordable homes.
The minister made the statement in a post on his personal LinkedIn profile, following the awarding of contracts to five local companies to build 1,000 housing units under the government’s affordable home ownership scheme.
According to the minister, the homes will be reserved for first-time homebuyers, preventing them from being purchased as investment assets. The minister said many families who could afford home loans currently remain in the social housing queue as affordable homes are unavailable on the market.
The minister said every affordable home sold provides a family with privately owned housing and reduces demand for state-assisted social housing.
The project also aims to strengthen the capacity of Maldivian construction companies and give them experience in delivering large-scale projects. The minister noted that foreign companies will still be needed for future housing projects due to the country’s high housing demand.
The 1,000 units contracted to private companies will be built in Hulhumale’ Phase III and are expected to be completed within two and a half years. The flats will be sold through the government’s Family Housing Programme to eligible candidates. The maximum price for a two-bedroom flat is USD 116,731 while a three-bedroom flats will have a maximum price of USD 149,157.
Each of the five companies will construct 200 units, consisting of 60 two-bedroom apartments of approximately 700 square feet, and 140 three-bedroom apartments of over 950 square feet. The project will feature improved building finishes and enhanced outdoor spaces compared with previous housing developments.