Govt sets MVR 10,000 limit for 3-bedroom flat rentals

President Mohamed Muizzu said on Monday that the rent for a three-bedroom apartment under the government’s new 7,500-flat housing scheme will not exceed MVR 10,000.

The rules for allocating land and flats in the Malé area and Rasmale under the Housing for All policy were announced on Sunday. Applications will be accepted from 4 January to March. The President shared details of rental amounts during an event held at the Social Centre to mark the second anniversary of the administration.

He said 3,000 of the 7,500 flats relate to projects initiated by the Bank of Maldives, while the remaining 4,500 flats are being implemented with support from foreign partners. He added that other banks will also be required to introduce housing programmes under a recent directive from the Maldives Monetary Authority. According to the President, the government is providing land free of charge to ensure the flats are made available at low rental rates.

“Of course, you can get a three-bedroom flat for no more than MVR 10,000,” he said.

The government has released the allocation categories for the 7,500 flats. These include:

Family-based taxi drivers registered in the city: 50 flats

Family-based judiciary employees in Malé: 100 flats

Individuals who lost land ownership due to maiming: 50 flats

Individuals who received flats under Veshifahi Malé and Hiyaa but not according to documentation: 300 flats

Families identified by the government as being without accommodation in Malé: 50 flats

The Housing Ministry has released the list of institutions prioritised under the 300-flats category. They include: