Government efforts to deliver affordable housing to citizens are progressing steadily, with major projects under the Bank of Maldives’ (BML) Affordable Housing initiative on track for completion by the end of 2028.
BML Chief Executive Officer and Managing Director Mohamed Shareef has confirmed that the housing units currently being developed under the initiative will be completed and handed over to beneficiaries within the planned timeframe.
In line with regulations set by the Maldives Monetary Authority (MMA), BML established its subsidiary, BML Affordable Home Leasing Pvt Ltd, to finance and implement housing projects. In November 2025, the subsidiary signed an agreement with the government to develop 3,000 housing units across the Greater Malé region. Under the scheme, 300 units will be built in Villimalé, while 2,700 units will be developed in Hulhumalé Phase I and Phase II. The project was later expanded to include an additional 260 housing units, bringing the total to 3,260 units.
Speaking at the inauguration of BML’s Kudahuvadhoo branch in Dhaalu Atoll, Shareef said the bank’s continued financial and operational growth has strengthened its commitment to national development, in keeping with its role as the country’s national bank. He reiterated that BML remains a key partner in the government’s major development initiatives.
“Under the lease-to-own model, construction work has already commenced on 3,260 housing units through BML’s subsidiary, which has contracted the projects to qualified parties. God willing, these flats will be handed over to recipients by mid-2028,” Shareef said. He also noted that BML is supporting critical government infrastructure projects through its contractor finance module, operating within the country’s robust banking regulatory framework.
The housing projects are being implemented through both local and international partners selected through a rigorous evaluation process, in line with governance, risk, and compliance standards under the MMA’s Inclusive National Affordable Housing Scheme (INAH). Contracts have been awarded to local companies Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry Construction Pvt Ltd, as well as international firms Beijing Urban Construction Group and China Machinery Engineering Corporation.
BML Affordable Home Leasing Pvt Ltd was established with MMA approval and operates in compliance with Shariah principles. Through this initiative, BML and its subsidiary aim to support the central bank’s vision of financial inclusion and affordable housing—key pillars of the current administration’s broader goal of building a more equitable society.
Meanwhile, under a revised land-use plan, a new draw to determine plot numbers for land issued under the Binveriyaa Scheme in Giraavarufalhu was held on 31 January.
The draw followed the gazetting of the revised land-use plan on 26 January, which allocates 4,072 plots under the scheme. According to the Ministry of Housing, Construction and Infrastructure, the previous land-use plan had left 610 plots unallocated.
Under the revised plan, plot sizes include 2,605 plots of 1,250 square feet, 2,313 plots of 1,650 square feet, 253 plots of 2,050 square feet, and one plot of 2,450 square feet.
The draw was conducted at the Social Centre in Malé City by ministry officials, with land recipients in attendance. It was broadcast live on Public Service Media (PSM), and to enhance transparency, recipients received real-time SMS notifications as plots were allocated.
The ministry said dates for the issuance of agreements and land registry documentation will be announced later. Once ongoing land reclamation and demarcation works are completed, plots will be formally handed over to recipients.
The government has also decided to expand the Giraavarufalhu reclamation project by an additional 113 hectares. Officials noted that the previous land-use plan did not provide sufficient space for essential facilities relative to the projected population. The revised plan addresses this gap by allocating adequate areas for green spaces, public services, and other basic facilities.
