The Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib assures that the government’s new affordable housing project will help reduce the social housing waiting list.
He says the new initiative will reduce this list by supplying affordable homes.
His statement comes via a post on his personal LinkedIn profile, hot on the heels of the awarding of contracts to five local companies to develop 1,000 units under the government’s affordable home ownership scheme.
According to the Minister, the units will go to first-time homebuyers. This decision, the minister adds, aims to stop such homes from being turned into investment assets by existing property owners.
He adds that several families who could afford home loans currently remain in limbo, awaiting for the next available home. The queue for affordable homes is lengthy, reflecting a scarcity in supply.
The project aims to strengthen the capacity of Maldivian construction companies and given them experience delivering large-scale projects. He however, notes that foreign contractors will still be needed for future housing projects due to the high housing demand.
The 1,000 units under the new scheme will be developed in Hulhumale’ Phase III. The units will be completed within two and a half years.
The minister confirms these homes will be sold through the government’s Family Housing Programme to eligible applicants. The maximum price for a two-bedroom apartment is USD 116,731 while a three-bedroom unit will be sold at a maximum of USD 149,157.