Weekly Radio Address: President Confident Proposed Land Reforms Will Increase Country’s Wealth

In this week’s radio address, President Mohamed Nasheed elaborated on the reforms to legislations that regulate land and land transactions announced by the government.

The President, speaking in Manadhoo on Wednesday, announced that the government would propose amendments to Land Act and two new bills on condominiums and mortgages.

The President, in today’s radio, reaffirmed his confidence that the proposed reforms to the way land transactions were conducted in the Maldives would significantly increase the country’s wealth and development potential.

He reiterated that the Maldives was currently facing the unavoidable consequences of restricting land transactions and use of land as a commercial asset.

He noted that the pace of the development of islands was inevitably slowed due to obstacles to and restrictions on transactions of land.

Therefore, the President stressed that incorporating the value of land to the country’s wealth and resources was necessary to provide affordable housing as well as for the development of the country.

Speaking on the land reforms announced by the government, he said the government’s aim was to transfer land titles traditionally held by the state to individuals as capital that could be used to increase their wealth.

On the new legislation on condominium, to be sent to the People’s Majlis, he said a legal framework to allow individual ownership of pieces of real estate or apartments housed in a single building was important to successfully deliver the government’s housing pledge.

Further, on the bill on mortgages, the President said traditional thinking, in the Maldives, that land was the only property that could be mortgaged with a bank to obtain loans for commercial activities was inappropriate for the current Maldives.

In addition, in today’s radio address, the President spoke on the commencement of new school term on Sunday.

He encouraged the students to work harder to better their previous term’s results in the new term and thanked the parents and teachers for their commitment to give education to their children.

He said the hard work of parents and teachers were linked to the future development of this country.