40,000 flats to be developed in the North and South, 30,000 in RasMale'

Maldives has opened for investors to fund 70,000 housing units across the nation.

One of the investment opportunities opened by the Maldivian government at the Investment Forum held in Dubai yesterday is to revolutionize the Maldivian housing sector.

The government plan is to solve the housing problem by designating urban development areas in the North, South, and Central regions.

The plan is to build 30,000 of the 70,000 flats in RasMale', which is being developed by reclaiming the Fushidhiggaru lagoon.

Then there are 20,000 flats in the North across Haa Alif, Haa Dhaalu, and Shaviyani Atolls, as well as 20,000 flats in the South across Gaafu Alif, Gaafu Dhaal Atolls and Addu City, as well as Fuvahmulah City.

The government wants to build 15-20-storey high-rise housing units, four-storey buildings with commercial space, and three-bedroom row houses with 3-4 bedrooms.

According to the government, the flats are expected to cost between $85-100 per sqft. The projects will be implemented through contractor finance model and concessional finance model.