Managing Director of HDC, Muhammad Simon have said that in addition to social housing, it is important to develop high-end and mid-range housing.
Speaking at the Maldives Financial Expo, Simon said that there are various social housing programs at Hulhumale’. He said that more than 80 percent of the housing projects are social housing.
Simon said that since there are people from various classes it is not possible for the government finance all housing schemes. Simon said that it will not be possible to regulate the housing markets without finding adequate financing for high-end and midrange housing. Simon said that even now many companies are developing housing units and many more have expressed interest.
In addition he said that even though companies develop housing units, people can only buy it when financing options are available. He said that it is also important to provide financing for constructors as well.
Housing Development Corporation stated that there are foreign banks that are willing to finance them but the main challenge is not getting enough foreign currency to repay the loans. They said that the interest rate of Maldivian Banks are too high. In addition they stated that construction companies request for finance from HDC however they do not meet the requirements.
Need high-end and mid-range housing: Simon
