The government has allocated MVR 3 billion in the 2027 national budget for housing projects aimed at improving access to adequate housing for people across the Maldives.

Presenting the budget for next year to Parliament, Finance Minister Moosa Zameer said the government remained committed to addressing the major social challenges faced by the public through sustainable, long-term solutions. He noted that the shortage of affordable housing continued to be one of the most significant challenges facing Maldivian citizens.

The Minister said housing projects would be accelerated across the country under the direct supervision of President Dr Mohamed Muizzu, with MVR 3 billion specifically allocated for this purpose in the 2027 budget.

He added that the planned housing initiatives would also help address overcrowding in the Malé region. The government recognizes that many people own land but lack the financial means to construct their own homes.

In this regard, MVR 750 million has been allocated in next year's budget to provide equity financing for a dedicated loan scheme supporting individuals who wish to purchase or construct homes.

The Minister said the initiative would help make homeownership a reality for many families. He also stated that the government would step up efforts to establish essential services, including water supply and sewerage systems, on uninhabited plots of land across the islands to create more suitable living environments.

Under the government's Housing Finance Facility, more than MVR 1 billion in financing has been disbursed through the Bank of Maldives this year to over 800 beneficiaries seeking assistance to build homes on their own land. The financing is provided in accordance with Islamic finance principles, with a five per cent profit margin.

As part of its wider efforts to address housing challenges, the government has finalized plans to implement housing projects across 57 islands. Meanwhile, work is underway to develop more than 4,000 housing units in the Malé region.