The BML affordable housing projects initiative has entered a major new phase, with the BML Affordable Home Leasing Company officially commencing construction on five large-scale housing developments.
The projects mark a significant step in national efforts to expand affordable homeownership opportunities and ease housing pressure in the Maldives.
Over 3,200 Affordable Homes Planned
Once completed, the five developments are expected to deliver more than 3,200 housing units across key urban locations including Hulhumalé Phase 1, Hulhumalé Phase 3, and Villingili.
The housing units will be offered through a lease-to-own model, allowing eligible residents to gradually obtain full ownership after completing their payment period.
This approach is designed to reduce the heavy upfront cost typically required to purchase a home.
Local Contractors Take Key Role
While two residential towers had previously been awarded to international firms, the latest phase brings strong participation from Maldivian companies.
Construction contracts for three projects have been awarded to leading local contractors, reflecting a policy push to strengthen domestic industry involvement while maintaining international standards.
According to the bank, all contractors were selected through a rigorous evaluation process aligned with the Maldives Monetary Authority’s Inclusive National Affordable Housing (INAH) framework.
Supported by Government Housing Strategy
For sale nowFrom MVR 3.6M1+1 Bedroom Apartments at Bayfancy · HulhumaléThe BML affordable housing projects are being implemented under the National Housing Affordability and Accessibility Project with support from the Ministry of Construction, Housing and Infrastructure.
Officials have noted that land for the developments was provided to BML free of charge under the inclusive housing scheme to help keep final apartment prices within reach of ordinary Maldivians.
Successful applicants will need to meet both:
Government housing eligibility requirements
Bank financing criteria
before being awarded flats.
Major Step Toward Homeownership
The bank stated that the commencement of these five projects demonstrates its commitment to supporting national housing goals and enabling more residents to become homeowners through a sustainable financial model.
The initiative is expected to play an important role in addressing one of the Maldives’ most persistent challenges — access to affordable housing in urban areas.
What This Means for Homebuyers
With construction now underway, prospective homeowners can expect increased availability of affordable flats in the coming years.
The lease-to-own structure of the BML affordable housing projects is particularly aimed at:
- First-time homebuyers
- Middle-income families
- Residents struggling with high upfront housing costs
Further details on application timelines and eligibility are expected to be announced as the projects progress.
