Saudi Fund financed Housing Project

Ministry of Finance has announced its plans to develop 400 housing units in Hulhumale’ with the help of the Saudi Fund For Development.



Finding proper housing might be a tough task anywhere in the world, but when it comes to the Maldives, especially the Greater Male’ Area, finding housing is on an extreme level.

Finding good housing at a reasonable price in the Greater Male’ Area can be a tough task, and unless you are on the lookout every day for months, the possibility of finding a good apartment at an affordable cost is unrealistic. Whether it is giving up sunlight as most apartments at lower pricing do not come with windows, or giving up savings in order to have something as basic as a window that gives natural light to your apartment, one thing is almost always guaranteed - you cannot have them both.

Due to the rise in rent prices and the unaffordability of housing, the Government of the Maldives started a housing project with the aim of facilitating housing at more realistic costs. Under this housing initiative, several flats have already been constructed with thousands of tenants having moved into their apartments in 2022 for a cost of MVR 7000-8000 per month, which is less than half the price of a two-bedroom apartment usually found in the Greater Male’ Area.

While this housing program has been providing housing for thousands of Maldivians, the need for affordable housing is still not solved. However, it appears there are more housing projects coming as the Finance Ministry has announced its plans to develop 400 housing units in Hulhumale’ with the help of the Saudi Fund For Development. 

This announcement was made when the Ministry was seeking a project consultancy firm in order to help design and supervise the 400-unit housing project. 

In this announcement, the Ministry of Finance highlighted the main tasks that the consultancy firm will be to assist with the preparation of the tender book and related documents, preparation of the EIA report, detailed design reviews well as observing the work of the contractor. The opportunity to apply for this project has been opened to all interested parties until April 26, 2023. 

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