Maldives President Dr. Mohamed Muizzu has reiterated the government’s commitment to fulfilling its pledge of reducing the rent of Hiyaa social housing flats.
In line with this commitment, and the affirmation of this decision after a recent cabinet meeting, President Muizzu on Tuesday, December 5, announced a reduction in rents and assured tenants the government would cover the costs incurred for the completion or finishing works of the units.
As such, President has declared that the rent will be reduced by MVR 200,000 for each unit.
In addition to this, President announced price adjustments for Hiyaa Flats, Vinares Flats, and rowhouses in the islands. Dr. Muizzu announced reduction of rowhouse prices to VMR 3,333 (on a monthly payment basis) and added the reduction will be applicable for a 20-year period.
He also reduced rent on Hiyaa flats for seven years, with a reduction of MVR 3,984 from the current rate of MVR 5,300 per month.