President Dr Mohamed Muizzu has announced that to address the housing crisis, the government will commence issuing housing loans in October with interest rates not exceeding 5 percent. He made these remarks while speaking at the official Independence Day function held at the Maldives Centre for Social Education (MCSE) on Friday night.
The President emphasises that the government's core commitment is to provide housing and announces that all necessary arrangements are in place to distribute these loans, which will be available to citizens throughout the country. Aligned with the Government’s sustainable development vision, the loans will be offered in three distinct categories. These categories include a maximum of MVR 6 million for Malé City, up to MVR 3 million for urban centres, and up to MVR 1 million for other islands. These loans are intended to support the construction, renovation, and completion of new homes.
Following discussions during a recent visit by senior Government officials to China, solutions have been identified for constructing the remaining two bridges needed to connect housing land in the Greater Malé Region. The President pointed out that the current bridge project does not include a link to Giraavaru Falhu to the north, and a proposal has been made to build a bridge connecting these areas. The goal is to initiate construction on both bridges by 2026 and to connect them to North Thila Falhu by 2029. The President highlighted the importance of extending the bridge to North Thila Falhu, as this area is planned for an agricultural project that is a key part of the economic expansion strategy.
The President mentioned that work on the Rasmale' project has resumed and announced that 30,000 housing units will be built in Rasmale' during this period, supported by various soft loans from China.
