Welcome to our October 2026 report on the Maldives property market. Each quarter we look at what is happening to prices, rents and lending in the greater Malé area and beyond, and at the policies and projects that will shape the market. This report draws on listings on Maldives Investments, banks' published terms, official announcements and news coverage.
The Maldives does not publish an official index of agreed property prices, so price figures here are based on asking prices. Treat them as indicators, not valuations.
Key points this month
- Prices: Malé flats ask around MVR 4,800 per sq ft (median), Hulhumalé around MVR 4,250.
- Rents: 2-bedroom flats MVR 10,000 – 19,000 in Malé and MVR 14,000 – 25,000 in Hulhumalé.
- Lending: BML up to 9%, MIB 9 – 10%, HDFC 10 – 12.25%.
- Supply: the 2026 national housing scheme drew about 36,000 flat and 22,500 plot applications.
- Infrastructure: Gulhifalhu reclaimed; port moving to Thilafushi; Thilamalé Bridge about 76% complete, now expected in 2027.
- Foreign investment: tight rules under the Foreign Investment Act since December 2024.
Prices
Malé
Asking prices for flats on our listings range from about MVR 3,500 to 6,100 per sq ft, with a median near MVR 4,800. Entry-level flats start around MVR 3.45 million, standard 3-bedroom units sit around MVR 3.9 – 4.7 million, newer towers MVR 4.7 – 5.9 million, and penthouses MVR 8.5 million and above. Older buildings without lifts continue to trade at a discount.
Hulhumalé
Flats range from about MVR 3.6 million to more than MVR 7 million, with typical asking prices of MVR 3,700 – 5,400 per sq ft and a median near MVR 4,250. Newer Phase 2 towers and sea views lead. Read price per square foot data and Phase 1 vs Phase 2.
Local islands
Land prices vary greatly by island. Tourism islands near Malé are the most expensive: around MVR 3,000 per sq ft for a plot in Maafushi on our listings, compared with roughly MVR 1,000 – 1,700 in Himmafushi and Addu, and below MVR 800 on some other islands. See the Maafushi guesthouse plan and Fuvahmulah and Addu.
Rents
| Flat | Malé | Hulhumalé |
|---|---|---|
| Studio / 1 bed | MVR 5,000 – 9,000 | MVR 8,000 – 14,000 |
| 2 bedrooms | MVR 10,000 – 19,000 | MVR 14,000 – 25,000 |
| 3 bedrooms | MVR 18,000 – 30,000 | MVR 20,000 – 35,000 |
Rental demand remains strong in both areas, supported by population growth, expatriate workers and families waiting for social housing. We have not yet seen a broad fall in asking rents. See rent in Malé and rent in Hulhumalé.
Yields
Gross yields are around 4 – 5.5% for Hulhumalé 2-bedroom flats and can reach 7 – 8.5% for older Malé 3-bedroom flats bought at lower prices per square foot. Net yields are typically one to two points lower. See rental yields.
Lending
Based on banks' published terms checked on 7 October 2026:
| Bank | Rate | Minimum deposit | Income rule |
|---|---|---|---|
| BML | Up to 9% (7.5% for USD earners) | 5% | Not published |
| MIB | 9% – 10% | 10% | 50% of gross income |
| HDFC | 10% – 12.25% | 15 – 20% | 40% (30% with other loans) |
A MVR 3 million flat with a 20% deposit over 25 years costs roughly MVR 20,100 a month at 9%. Low-deposit options and pension pledges keep the market open to first-time buyers, but affordability remains stretched for many families. See BML vs MIB vs HDFC and how much income you need.
For sale nowMVR 7.17MBlue Lagoon 3 BHK Apartment · HulhumaléSupply: the housing scheme
The 2026 national housing scheme is the biggest story in Maldivian housing this year. Applications ran from 18 January to 15 June 2026 (after two extensions) through the Hiyaavehi portal, covering roughly 15,000 plots and 7,900 flats in Hulhumalé, Gulhifalhu, Giraavaru and Rasmalé. By June, about 35,930 flat and 22,575 plot applications had been reported.
The demand figures show the depth of need: there are roughly four to five flat applicants for every flat. Allocation will take time, and construction and infrastructure for plots longer still. In the medium term, delivery of these homes is likely to ease pressure on private rents and slow price growth for ordinary flats. Read Hiyaa flats explained and Ras Malé housing applications.
Infrastructure
- Gulhifalhu: about 192 hectares reclaimed (completed April 2024), with thousands of housing plots allocated.
- Thilafushi port: the main commercial port is moving out of Malé to a new port on reclaimed land at Thilafushi.
- Thilamalé Bridge: linking Malé, Villimalé, Gulhifalhu and Thilafushi; about 76% complete in July 2026, with completion now expected in 2027.
- Hulhumalé master plan: published in 2025, planning for about 100,000 residents in Phase 1 and 250,000 in Phase 2.
- Southern links: continued investment in Gan and Fuvahmulah air links.
Read Gulhifalhu and Thilafushi and living in Villimalé.
Foreign investment
The Foreign Investment Act, in force since 3 December 2024, sets out which sectors are open to foreigners. Residential real estate is largely reserved, with projects below USD 100 million closed to foreign investors and large-scale investments subject to thresholds and partnership rules. Foreigners still cannot own freehold land, but long leases (up to 99 years in some cases) and approved tourism structures remain. The ongoing dispute over 99-year leases linked to a major development in the Rasmalé area shows the importance of legal certainty. See leasehold vs ownership and can foreigners rent out property.
What we are seeing on Maldives Investments
Our own listings give a ground-level view of what is on the market. Most flats for sale in Malé and Hulhumalé are priced between about MVR 3.5 and 6 million, the range where a loan repayment comes closest to the rent of a similar flat. Several new projects in the greater Malé area, including Solitaire, Luxera Nadhee, LuxaOne Odeon and Blue Lagoon, are on banks' approved lists, which lets buyers finance flats that are still being built. Land listings are concentrated on islands near Malé and on guesthouse islands, where tourism keeps prices high. Rental listings are led by 2- and 3-bedroom flats, the size most families look for. As always, listings priced well above comparable properties tend to stay online much longer.
Risks and watch points
- Affordability: high prices relative to incomes limit first-time buyers.
- Supply timing: delays to housing schemes would keep rents high for longer.
- Construction costs: imported materials and labour keep building costs high.
- Macroeconomic pressures: foreign currency shortages and public debt can affect the economy, exchange rates and lending.
- Scams: fake rental listings and housing scheme phishing remain common. See property scam warning signs.
Outlook
We expect the greater Malé market to stay firm in the near term, with strong rental demand and high asking prices for good-quality flats. As social housing is delivered over the next few years, we expect a widening gap between well-located, modern buildings, which should hold value, and older, poorly maintained flats, which may struggle. For buyers, that means choosing quality and location carefully; for sellers, pricing realistically; and for landlords, keeping flats in good condition to stay competitive.
What this means for you
- Buyers: get your finances in order, compare banks and negotiate with price-per-square-foot evidence. See how to buy a flat.
- Sellers: price to the market from day one. See how to price your property.
- Tenants: agree terms in writing and protect your deposit. See deposits and what to check.
- Landlords: keep rents fair and flats well maintained. List your property to reach tenants and buyers directly.
Browse the latest properties for sale, rentals and developments, and check repayments in the loan calculator. Stay up to date in our news section.
Frequently asked questions
Are property prices rising in the Maldives in 2026?
Asking prices for flats in Malé and Hulhumalé remain high, with Malé medians around MVR 4,800 per sq ft and Hulhumalé around MVR 4,250 on our listings. Large new housing supply may slow growth for older and ordinary flats.
What are home loan rates in the Maldives?
In October 2026, BML's Home Purchase Financing was up to 9% a year, MIB's Ujaalaa Hiyaa 9% to 10%, and HDFC 10% to 12.25%, according to the banks' published terms.
Are rents falling in Hulhumalé?
Not broadly yet. Two-bedroom flats are still commonly advertised at MVR 14,000 to 25,000 a month. New supply from housing schemes could ease rents over the next few years.
Can foreigners buy property in the Maldives in 2026?
Foreigners cannot own freehold land. Under the Foreign Investment Act in force since December 2024, foreign residential investment is restricted, with high thresholds for large projects. Leasehold and approved tourism structures remain options.
