The Bank of Maldives (BML) has officially launched construction of over 1,000 affordable housing units as part of its landmark BML Affordable Housing Project, with CEO and Managing Director Mohamed Shareef announcing that monthly rents for three-bedroom flats are expected to be around USD 648.
Speaking on PSM News' Raajje Miadhu programme, Shareef emphasised that the initiative—undertaken in collaboration with the Ministry of Construction, Housing and Infrastructure and under the framework of the Maldives Monetary Authority’s Inclusive National Affordable Housing (INAH) policy—aims to provide quality, accessible housing for Maldivian families amid rising rental costs.
"The current market rate for a three-bedroom apartment ranges between USD 1,621 and USD 1,945. At around USD 648, this project will offer substantial relief," he said, noting that while the final rental figures are still under review, the estimate is based on the bank’s ongoing financial assessments.
A total of 3,260 high-standard three-bedroom units will be developed across Hulhumale’ Phases 1 and 3, and Villimale’, through BML Affordable Home Leasing Company, a subsidiary of BML.
Construction is being carried out by reputable international and local firms, including China Machinery Engineering Corporation (CMEC), Beijing Urban Construction Group (BUCG), Amin Construction, FW Construction, and Rasheed Carpentry and Construction.
Once completed by mid-2028, the project is expected to significantly ease the national housing shortage and provide long-term, affordable rental options for low- and middle-income households.