Maldives Calls for Investors: 70,000 New Homes in 5 Years for Growing Population

President Muizzu inaugurates the reclamation of ‘Rasmale’: Central Maldives’ Future Hub. – Photo: President’s Office

The Maldives government has opened opportunities for interested investors to develop 70,000 housing units across the country within the next 5 years, with the aim of ensuring affordable and adequate shelter for all residents.

The government stated that between 2019 and 2030, the Maldives is expected to experience a population growth of over 30%, necessitating the construction of additional housing. To address this demand, the government is actively seeking investors for the proposed development, as discussed in the Invest Maldives forum held in Dubai yesterday.

The government’s vision is to provide a comprehensive solution to the housing needs of the growing population through a coherent and sustainable new urban policy initiative, with a focus on developing three regional hubs: Northern, Southern, and Central Urban Development Regions.

In the Central Urban region, 30,000 housing units are planned for development in the newly reclaimed Fushidhiggaru Falhu, which will be a planned city named ‘Rasmale’. In the Southern Urban Region (Addu, Fuvahmulah, Gaafu Alif, and Gaafu Dhaalu Atolls), the plan is to develop 20,000 housing units. In the Northern Urban Region (Haa Alif, Haa Dhaal, and Shaviyani Atolls), an additional 20,000 housing units are planned.

The proposed development model involves a contractor-financed approach with acceptable repayment periods, concessional financing offering repayment tenures of 10 to 15 years, and developer-financed options with buy-back arrangements from the government upon completion/handover of the housing units.

The government’s preferred types of development include mixed-use high-rise residential blocks of flats (15-20 storeys), four-storey walk-up flats in medium-rise buildings, and three-storey 3-4 bedroom row houses.

Emphasizing diversity, the government insists that the development should include a mix of all three-sized units, with no less than 20% of each. The estimated construction cost ranges between USD 85 and 100 per square foot, covering common areas, landscaping, etc. Construction materials and standards shall adhere to British Standards or their equivalent.

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