President Dr. Mohamed Muizzu has announced that the administration is working to introduce equity financing to assist citizens with home construction.

Responding to a question from a journalist during a press conference at the President's Office today, the President explained that providing this equity financing will enable landowners to satisfy commercial banking requirements, thereby allowing them to secure the necessary bank loans to construct buildings on their land plots.

The President noted that various financing models have already been introduced to support housing projects. He highlighted that a significant number of loans were successfully issued through banks last year under the affordable housing loan scheme to help people finance their flats and land plots.

President Muizzu stated that the government is currently looking to expand the housing fund, with plans to utilize the budget available this year to offer equity financing. He emphasized that this initiative will ease the financial burden for many citizens, noting that if the government can arrange enough upfront financing for citizens to gain bank access, the overall process of building homes will become much more convenient.

In addition to these financial initiatives, the President highlighted that numerous housing projects are currently underway across the country. He mentioned that contracts for housing developments in 13 islands were awarded late last year, and with the required funding now fully secured, physical work on these sites is ready to commence.

Furthermore, the President expressed hope that the flats being built in the Malé region under the government's newly launched housing scheme will be finalized by mid-2028, adding that physical work on these projects is slated to begin next month. He also noted that housing projects that had been halted prior to his administration taking office have been successfully resumed and are currently moving forward.