The government has fixed the maximum selling prices for new apartments under its Affordable Home Ownership Scheme, setting a ceiling of MVR 2.3 million for three bedroom units and MVR 1.8 million for two bedroom units.
In a statement released on Monday, the Ministry of Housing confirmed that the pricing structure is part of a broader plan to increase access to home ownership for Maldivian families.
1,000 Flats Planned Across Five Hulhumalé Locations
The project will see the development of 1,000 apartments across five different sites in Hulhumalé. Each location will include 200 housing units, creating a sizeable boost to the island’s residential capacity.
Bidding for construction opened last Thursday, and developers have until the 23rd of this month to submit proposals.
Under the guidelines, at least 70 percent of the apartments in each development must be three bedroom units. These larger apartments will measure 950 square feet and cannot exceed MVR 2.3 million in price.
Two bedroom units will measure 700 square feet, with prices capped at MVR 1.8 million.
Parking spaces are also regulated under the scheme, with the maximum price for a single car park set at MVR 450,000.
Free Land and 30 Month Construction Deadline
To help reduce overall project costs, the government will provide land for the developments at no charge. In return, developers must complete construction within 30 months from the date the land is handed over.
This approach is designed to keep prices within reach for middle income families while ensuring that projects are delivered on time. Housing has long been one of the most pressing concerns in the Greater Malé Region, where land scarcity and high demand continue to drive up property prices.
Officials say the scheme is not only about building homes but also about improving infrastructure and raising living standards. Expanding planned communities in Hulhumalé is viewed as a key strategy in easing congestion in Malé.
Broader Housing Push Already Underway
The Affordable Home Ownership Scheme is part of a wider national housing effort. The BML Affordable Home Leasing Company has already begun work under the broader initiative.
According to the company’s Chief Executive Officer and Managing Director, Mohamed Shareef, the newly announced flats are expected to be completed and handed over to buyers by mid 2028.
Meanwhile, construction of 3,260 additional housing units began in late December last year. These developments are spread across Hulhumalé Phase 1, Hulhumalé Phase 3, and Vilimale’.
A Step Toward Greater Housing Stability?
For many families, home ownership in the Maldives can feel out of reach. With clear price caps, government backed land allocation, and strict construction timelines, this latest scheme signals an attempt to bring more predictability to the market.
Whether it will fully meet demand remains to be seen. However, the scale of the project suggests a serious commitment to expanding affordable housing options and easing pressure in urban areas.
If completed as planned, the initiative could mark a meaningful shift in how housing is delivered and financed in the country.
