While the Maldives undoubtedly stands as an idyllic vacation destination, beneath the pristine facade lies a lesser-known challenge faced by its residents – the relentless surge in rent prices. Unbeknown to the millions of travellers who flock to the country, many locals find themselves grappling with the daunting task of securing affordable housing.
This predicament, though evolving gradually over the years, has taken a more acute turn in recent times. The escalating issue of rent in the Maldives is intensifying with each passing year, underscoring the growing urgency for the implementation of social housing units to address this pressing concern.
Since the inception of the first social housing initiative, the 'Hiya' flats in the newly developed Phase II of Hulhumale’, a transformative wave has swept through the Maldives. These pioneering housing projects, with their commitment to offering reasonable rent prices, have not only provided a lifeline for those grappling with housing affordability but have also become a beacon of hope for communities burdened by the housing crisis.
The popularity of these projects started showcasing a collective desire for inclusive urban development and highlighting the positive ripple effects that accessible social housing can have on individuals, families, and the overall social fabric of Maldivian society.
Although the Government has been working towards developing such housing units, successfully having developed a few in Phase II, it appears that the next up-and-coming social housing project is going to be undertaken by Fahi Dhiriulhun Corporation (FDC), aiming to develop 3,000 housing units in a joint venture with a Sri Lankan Company.
FDC has further revealed that the project will be carried out in areas determined by the corporation and the government, although further details of the locations have not yet been released.