President pledges to develop over 12,000 housing units in 2025

President Dr. Mohamed Muizzu has announced plans to address the Maldives’ housing crisis by initiating the development of over 12,000 housing units in the coming year. He shared this commitment during his address at a ceremony marking the first anniversary of his administration. The President highlighted that the 2025 state budget places housing as a top priority, recognizing it as the nation’s most pressing social challenge. He revealed plans for the development of 12,490 housing units, alongside the launch of 41 new housing projects in both highly populated and less populated islands. President Muizzu assured citizens of his determination to complete these projects and hand over the units to recipients before the conclusion of his tenure. He also underscored his broader vision of ensuring every Maldivian family has access to a housing unit, aiming to secure 65,000 housing units over the next 20 years. The proposed state budget 2025 allocates over USD 194 million for housing projects; USD 64.9 million for issuing housing loans at a 5% interest rate and USD 116.7 million for Public Sector Investment Programme (PSIP) housing projects. President Dr. Muizzu reaffirmed that his administration’s housing initiatives will extend nationwide, ensuring equitable development in urban centers and remote islands alike. He expressed confidence that these efforts would significantly enhance social and economic well-being.