President Dr. Mohamed Muizzu has reiterated the government's commitment to fulfilling its promise of reducing flat rents, affirming the decision after a recent cabinet meeting.
In line with this commitment, President Dr. Muizzu announced a reduction in rents and assured tenants the government would cover the costs incurred for the completion works of Hiyaa flats. Each unit's rent will be reduced by 200,000 Maldivian Rufiyaa.
The President also fulfilled a pledge made during the presidential election campaign by adjusting the prices of Hiyaa flats, Vinares flats, and rowhouses in islands. The president delivered on his promise to reduce rowhouse prices to MVR 3,333, and this reduction will be applicable for the next 20 years. Additionally, the rent for Hiyaa flats will be reduced for seven years, with a deduction of MVR 3,984 from the current rent of MVR 5,300.
During the campaign, President Dr. Mohamed Muizzu acknowledged that the necessary loan for the finishing work of Hiyaa flats was arranged when the government changed in 2018. He expressed dissatisfaction that the flats were handed over to the public without completing the finishing works and pledged to provide fair compensation for their completion.