Malé, Maldives – Minister of National Planning, Housing and Infrastructure, Mohamed Aslam has disclosed today that 17,073 families are in need of housing in Malé.
At a press conference held earlier today at the President’s Office, Minister Aslam stated that a Housing Demand Estimate has been carried out in the capital city. He added that this was done considering incomes of families and the size of their current homes.
Minister revealed that as per their quality of living classifications, an average family of 5 with a total income of less than MVR 16,000 is considered to be ‘poor’. Families with an income of between MVR 16,000 and MVR 32,000 are classified as lower-middle income families. Families with total earnings falling between MVR 32,000 and MVR 64,000 are in the middle income category. Households bringing in more than MVR 64,000 are placed in the ‘wealthy’ category.
Minister Aslam stated that following their categorization, there are 2,560 ‘poor’ families in Malé. 4,098 families are lower-middle income households. In addition to the 5,634 families in the middle income category, 4,780 families are in the ‘wealthy’ category.
Housing units are to be released based on these income categories, with Council Housing and Affordable Housing to be given to lower-middle income families who can own the apartment in the long term.
Middle income families will be given the opportunity to own these apartments instantly through bank loans. Aslam added that high end housing units will be available at market rates.
The Planning Minister revealed that council housing units will have a monthly rent of MVR 6,400, while affordable housing flats will be priced between MVR 1 million and MVR 1.5 million, with monthly rent set at around MVR 6,800 – MVR 12,000.
Middle income families will have to pay between MVR 1.5 million and MVR 2.4 million for full ownership, and their monthly loan payments will be between MVR 13,000 – MVR 23,000.
Numerous housing projects are to begin this year by the current government- who have promised over 20,000 housing units over the duration of their administration. In 2021, the government plans to begin efforts on 5,700 units.
2,000 of these 2021 housing units are to be built with Indian assistance, in addition to 300 more mid-market housing units which have been announced to be built in Hulhumalé.