The Maldivian government has proposed MVR 3 billion for housing in its 2027 budget, up from MVR 2 billion in 2026. The allocation includes MVR 750 million to help eligible residents meet equity contributions for home purchases or construction.
Presenting the proposal to the People’s Majlis, Finance Minister Hassan Zareer said housing developments would be accelerated under President Dr Mohamed Muizzu’s supervision.
More than 58,000 housing applicants
More than 58,000 people applied to the government’s most recently opened housing schemes, reflecting substantial demand. Zareer said the 2027 programme aims to expand housing opportunities across the country and ease overcrowding in the Greater MalĂ© region.
Equity assistance and financing
The proposed MVR 750 million equity provision is intended to help residents obtain financing to buy or build homes. The government also offers assistance to people who own land but lack the resources to construct housing, including concessional Islamic financing and support for initial equity payments.
President Muizzu has previously indicated that the equity assistance would not need to be repaid. The report does not specify detailed eligibility criteria.
Housing financing disbursements
According to the budget presentation, more than MVR 1 billion has been disbursed through Bank of Maldives to over 800 beneficiaries under the Housing Financing Facility introduced in 2026. The facility supports construction on privately owned land using Islamic financing with a 5% profit margin.
The minister also outlined plans to accelerate water and sewerage infrastructure on vacant residential land across the atolls.
Construction projects across the Maldives
Physical work has begun on projects involving more than 4,000 housing units in the Greater Malé area, while housing developments are planned for 57 islands in the atolls. Contractor selection for the island projects is being finalised.
The MVR 3 billion allocation is part of the proposed 2027 state budget and remains subject to parliamentary consideration.
