Muthalib says 3,000 BML-funded flats will be ready for occupancy within the next two years

Housing Minister Dr. Abdullah Muthalib said on Tuesday that 3,000 flats funded by the Bank of Maldives (BML) under the government’s Housing for All policy will be completed and habitable before the end of the current presidential term.

The government launched the housing policy in mid‑November and opened applications on Sunday for 7,900 flats and 15,000 plots.

BML Affordable Home Leasing Pvt Ltd, a subsidiary of BML, has been contracted to build 3,000 flats under the scheme.

Speaking on PSM’s Raajje Miadhu programme, Muthalib said 677 applications were submitted within the first two days of the portal opening, including 221 applications for land and 416 for flats.

Muthalib said the government aims to complete the BML‑funded flats and relocate residents to units being built with assistance from other countries before the end of this term. He noted that construction of 4,000 flats in Gulhifalhu under India’s line of credit will begin by mid‑year, alongside 400 flats funded by Saudi Arabia and 500 flats financed through an interest‑free loan from China.

He added that the 7,900 flats currently being developed are fewer than the number already guaranteed to the public.

“This government will hopefully be the first government to complete a housing project and allow people to start living there since 2008. No government has ever been able to complete the flats it started building during their term,” Muthalib said.

BML signed its agreement three days before the official launch of the housing policy. The subsidiary company was established under the National Housing Affordability and Accessibility Project, approved by the Cabinet on December 5.

Under the policy, housing units will be allocated through a lease‑to‑own model in partnership with financial institutions. The Maldives Monetary Authority (MMA) has issued rules requiring banks to allocate 10–15 percent of their loan portfolios to the government’s housing scheme.

BML CEO and Managing Director Mohamed Shareef said the bank took the initiative to comply with the new rules and established the subsidiary with MMA’s approval. He said the lease‑to‑own model reduces land, financing and development costs while lowering risks for the bank.

“It will be much cheaper in terms of reducing its land cost, financing cost and development cost,” Shareef said, adding that BML will complete the project without interruption.

At the signing ceremony, Muthalib said the flats will be allocated to those who apply under the programme.