With the demand still continuing for affordable housing, the Government of the Maldives has announced its decision to develop an additional 4,000 housing apartments.
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One of the bigger issues that average Maldivian citizens continue to face is the increasing rent prices, especially in the Greater Male’ Area. As the rent prices continue to increase each year, housing development projects have become one of the most common forms of rent reductions while ensuring livable and affordable housing for all. Although these projects continue to be popularly accepted due to the more budget-friendly nature of the housing options they provide, challenges remain.
Despite the government's efforts to address the housing crisis through these development projects, the demand for affordable housing in the Greater Malé Area still far exceeds supply. The rapid urbanization and limited land availability in Malé have driven up property prices, making it increasingly difficult for average citizens to find affordable living spaces. Many Maldivians are forced to spend a significant portion of their income on rent, leaving little room for other essential expenses such as education, healthcare, and savings.
The introduction of housing development projects, such as public housing schemes and subsidized housing, has provided some relief. These projects aim to offer more affordable rental options and enable low- to middle-income families to secure homes within their financial means. With the demand still continuing for affordable housing, the Government of the Maldives has announced its decision to develop an additional 4,000 housing apartments.
This housing project was revealed by the Finance Minister Dr Mohamed Shafeeq, who stated that the additional 4,000 housing apartments will be carried out under the line of credit previously issued by India’s EXIM Bank. This is not the first housing scheme to be carried out in the Maldives with financing from the EXIM Bank, as the 4,000 apartments under the Gedhoruveriya scheme which was carried out during the former President Ibrahim Mohamed Solih’s administration were also carried out by the EXIM Bank’s line of credit.
