Maldives housing and real estate since 2016

Gedhoruverikurun flat applications open for Malé housing scheme (to April 2015; 22,600 forms)

Foundation laid for 704 state housing units in Hulhumalé (1,500-unit programme, CMEC)

DAMAS Real Estate launches Isles Residence 2 in Henveiru, Malé (14 flats, completion due late 2016)

Plan unveiled for an industrial village at Malé's southwest harbour; MTCC to reclaim

President proposes Land Act amendment exempting first-time home buyers over 18 from the 15% land sale tax

Central Park Leisure Zone opens, first of four zones

Batch Construction opens applications for Marina View (69 flats, MVR 1m to 4.5m, 60% at MVR 2,400 per sq ft) development →

Sealife Global opens bookings for first 1,000 Hulhumalé N3 flats (MVR 50,000 fee); 1,500 forms issued in two days

HDC and Ooredoo sign infrastructure-sharing agreement for fibre, CCTV and public WiFi (smart city)

HDC tenders design and project management of Phase 2 bridges, channels, harbours and shore protection

HDFC extends home-loan tenure to up to 25 years with flexible instalment plans; rates from 11%

HDFC publishes conventional product range: Standard 11.25%, Million Plus 11.5%, Rent Option 12.5%, Renovation 11.25%; 20% equity; SURF and FLIP repayment

HDC lists Phase 1 residential pipeline: five apartment-complex developers, mixed-use and row-house pilot, 704 CMEC units, Veshifahi Malé plots

HDC publishes services guide for Hulhumalé residents

HDFC Amna publishes Istisna (construction) and diminishing Musharaka (purchase) facilities: up to 80% financing, 20% equity, up to 12 months' grace

Housing Ministry says it will build multi-storey buildings at the Malé Industrial Village and lease space; no private construction; MVR 159 million

HDFC publishes general eligibility requirements: Maldivian over 18 with land to mortgage, family co-applicant, instalments up to 40% of income, 125% security cover

Gedhoruverikurun lists 3,140 atoll housing units on 23 islands plus 1,089 Hulhumalé flats, planned or under way

Van Oord nearly completes about 21.6 ha reclamation at Himmafushi, set aside for housing

Hayleys subsidiary Luxury Resort Ltd buys Kuda Rah resort (51 villas, South Ari) for USD 23 million; to become Amaya Kudarah

HDC Phase 2 residential plan: 42% of 240 ha; 6,352 social, 14,316 mid-to-luxury, 114 beach bungalow units

Former picnic island Kuda Bandos opens as the 82-room Malahini Kuda Bandos resort

Apollo Towers opens bookings (97 flats, MVR 50,000 fee, MVR 1.1m to 7m, due 2018) development →

HDC signs Ensis Fisheries for 94 waterfront flats (later AIRA); online pre-booking opens development →

Minister says Industrial Village storage rents will be below Malé rates; three to four storeys

HDC signs Rainbow Construction for 145 mixed-use flats in two towers near the Hulhumalé ferry (26-month build) development →

Gulhifalhu Investments says Gulhifalhu will be an industrial village once all plots are leased; earlier housing units to become labour quarters

BML and the Maldives Pension Administration Office agree that Retirement Savings Account balances can be pledged as the 20% home-loan equity

MTDC sells Niyama head-lease rights to O Plus E Holdings for USD 23.3 million

Economic Ministry invites master-plan proposals for iHavan in Ihavandhippolhu

HDC announces auction of 76 Phase 2 Neighbourhood 1 plots from MVR 3,000 per sq ft (bidding from 18 Sep 2016)

Finance Ministry seeks expressions of interest for 2,500 developer-financed social housing units in Hulhumalé

First Guesthouses Maldives Conference held in Malé, over 160 attendees

Ocean Front Residence goes on sale (MVR 2.4m to 6.9m, 20% down, 28 months from December 2016) development →

Surbana Jurong chosen to prepare the iHavan master plan

Threek International sublease and MTDC head lease on Naagoashi terminated during 2016 for incomplete construction and unpaid rent (exact date not given)

HDC signs TÜMAŞ for design and project management of Phase 2 marine works (SFD-funded)

STO and Housing Ministry agree an STO multi-storey warehouse on Industrial Village Block 05

HDC signs commercial contract with Sinohydro for 2,500 housing units

Naagoashi leased back to MTDC for 50 years under a settlement with the government

Second Guesthouses Maldives Conference at Dharubaaruge, capped at 200 guesthouses

Final Gedhoruverikurun list: 661 Hulhumalé flats (pledge was 1,100), published by form number amid ACC probe

CMEC completes and hands over the 1,500 housing units, including 704 in Hulhumalé

Construction of the 7,000-unit Hiyaa social housing project starts (CSCEC)

CSCEC starts construction of the 7,000-unit Hiyaa project (16 towers of 25 storeys; US$434m EPC+F)

Government signs USD 12 million settlement with Sealife; housing ministry notifies termination in March 2018

Staple food prices restored to pre-2016 levels, reversing the 2016 subsidy change

Hiyaa flat applications open; more than 40,000 forms taken

Bank of China London agrees US$19.99m loan to HDC for the Sinohydro housing project

Fisheries and agriculture ministry offers 21 uninhabited islands for agricultural lease

HDC and Calix announce all-fibre gigabit smart-city network for Hulhumalé

Sinamalé Bridge opens, linking Malé to Hulhulé and Hulhumalé by road

HDC terminates Sealife 3,000-unit agreement (no progress, forged Credit Suisse guarantee, public money collected)

HDC and economic ministry settle out of court with 203 Sealife buyers; MVR 45 million compensation

New government says more than 1,450 housing units left unfinished nationwide; MVR 127m set aside

Government drops warehouse relocation to the Malé Industrial Village after the Henveyru fire; warehouses to Thilafushi

Boskalis awarded US$53 million Gulhifalhu reclamation and sea wall for an industrial harbour

GMIZ completes 34 warehouses in Thilafushi and relocates 31 chemical warehouses from Malé

Apollo Towers reported 60 per cent complete development →

Income Tax Act (Law 25/2019) takes effect, repealing the 15% land sales tax and the first-time buyer exemption; property disposals taxed as capital gains, with a principal residence exemption

Foundation laid for Sinohydro housing project, reduced from 2,500 to 1,700 units

CSCEC completes construction of the Hiyaa towers

Fresh 50-year Naagoashi lease signed between MTDC and the government

Housing minister says Hiyaa payment below MVR 7,000 and about eight more months to occupancy

HDC and Maldives National University sign MoU to research the housing market

Hiyaa review committee publishes provisional lists (H4, H5, H8, H10); criticises MVR 7,000 minimum-income rule

Soneva Fushi opens eight Water Retreats, its first overwater villas

Civil Court rejects Sealife's claim to the 2018 settlement sum

FDC signs NBCC to design and build 2,000 social flats in Hulhumalé Phase 2 (Amaan Dhoadhi)

Final Hiyaa eligibility lists gazetted for 6,720 flats

One-room categories H11, H13 and H15 removed from Hiyaa; 36 MWSC flats reserved for H14

Parliament accepts resolution (43 votes) on the 'missing' Hiyaa one-room flats

Maldives Opinion Network poll: 72.5% prefer three-bedroom flats, 7.5% one-bedroom

Apollo Towers occupied (about 400 residents); HDC tenders six commercial units development →

FDC signs JMC Projects (about US$137m) to design, finance and build 2,000 social flats in Hulhumalé Phase 2 (Amaan Udhares)

Second government agreement with Dutch Docklands relaunches the floating city near Malé

HDC publishes plan for a multi-hotel tourism island north of Hulhumalé Phase 2

Sealife managing director extradited from Sri Lanka (arrested February 2021); 42 charges filed 30 May 2021

Sun Limited signs binding agreement to sell Kanuhura to Leisure Oceans (Hotel Properties Limited)

Hiyaa rent set at MVR 7,500 a month over 25 years with no down payment (plus MVR 1,000 maintenance)

Housing Minister outlines about 1,200 Gulhifalhu plots of 600 sq ft for Malé citizens

Patina Maldives opens as the first resort on Pontiac Land's Fari Islands

The Ritz-Carlton Maldives, Fari Islands opens with 100 villas

Council housing rents set for Apollo Holdings' contractor-financed towers: MVR 5,500 (2-room) and MVR 7,000 (3-room)

HDFC Gedhoruveriyaa loan opens for atoll homes: up to MVR 700,000 at 6%, 80% financed

HDC begins Hiyaa key signing and handover (250–300 flats a day)

HDFC offers its fourth sukuk (MVR 200 million, about 8% a year, 10 years); Islamic finance about 30% of its MVR 1.8 billion portfolio in 2020

Hiyaa three-month grace period begins once utilities reach all towers

Dhiraagu first provider live on HDC's open-access fibre network in Phase 2

HDC opens Vinares flat applications for Sealife buyers development →

Central Park interactive fountain opens (20,000 sq m, ALKAR Insaat)

Residential Tenancy Act (Law No. 21/2021) in force

BML cuts its home-loan rate to 9% for applications from this date

MTDC subleases Naagoashi to Global Resorts (MTDC holds 15%) (month only)

Fourth amendment to guesthouse regulation allows homestay guesthouses of up to five rooms, locally owned

HDC publishes final buyers for 60 Phase 2 plots; top bids MVR 10,220 (beachfront) and 9,700 (beachside) per sq ft

Hiyaa rent cut to MVR 5,300 plus MVR 1,000 maintenance by extending term to 27 years

Floating city permitted under the integrated tourism model; 5,000 units planned

Gedhoruveriya scheme opens applications for the 4,000 FDC flats (20,697 applications)

Gedhoruverin portal launched; 3,000 Binveriyaa plots on Gulhifalhu for Malé citizens

STELCO hands 360 Hiyaa-scheme staff flats (72 one-room) to employees

Ministry contracts 200 housing units at Thinadhoo (MVR 254m, 540 days) from 2022 PSIP

Auction of 22 further Phase 2 beachfront plots; top bid MVR 8,251 per sq ft

Apollo's 1,042-unit state mixed-housing project: one building 42% complete, one 21%, six not started

HDC contracts Batch Construction for Aseyria premium villas in Hulhumalé Phase 2

HDC unveils Urban Isle masterplan (103,421 sq m of hotel, guesthouse, villa and serviced-apartment plots)

Kulhudhuffushi row houses handed over after 11-year delay

Tourism Ministry invites bids for resort development on uninhabited islands and lagoons; bids due 28-30 March 2023

Boskalis wins EUR 120 million Gulhifalhu phase-two contract

Himmafushi Council opens 288 plots of 1,600 sq ft on the reclaimed land after cancelled 2018–2019 rounds

MWSC Malas Residence (192 flats, 92 one-room) inaugurated for staff

AIRA handover to owners begins (94 flats) development →

HDC rebranded as Urbanco

Gulhifalhu phase-two reclamation (about 150 ha) begins

Census 2022 results released: 515,132 residents, 41% in the Malé area

BML extends home purchase loans to 25 years at 9% with a 24-month grace period; equity still 20%

Final Binveriyaa list: 19,631 eligible, 9,003 plots in Hulhumalé and Gulhifalhu

Kanuhura reopens as Six Senses Kanuhura after renovation

Urbanco invites expressions of interest for Urban Isle boutique hotel plots

Ifuru Island Maldives holds official opening (147 suites and villas, independently owned)

Economic Minister says iHavan and the Gaadhoo port will resume

Hiyaa rent cut to MVR 3,984.21 plus maintenance for seven years (MVR 200,000 deducted); atoll social housing capped at MVR 3,333; Vinares down payments halved development →

Ras Malé reclamation begins in Fushidhiggaru lagoon

Muli council invites bids for four 8,000 sq ft guesthouse plots in the M. Muli Tourism Zone on 50-year leases

MoU to transfer Hulhumalé municipal services from HDC to Malé City Council (incomplete as of Dec 2024)

HDC name restored; Urbanco kept as a sub-brand

Maldives Ports Limited to resume development of the Malé Industrial Village

Gulhifalhu dredging and levelling complete; scope enlarged by 85 ha

FDC says it needs a further MVR 454.5m to finish the 4,000 Gedhoruveriya flats

Tourism Ministry offers 17 islands and lagoons across nine atolls for resort development

Channel bridge between Hulhumalé 2 and Urban Isle opens; artificial beach under construction

HDC invites bids for three mid-range hotels in Urban Isle

Kuda Rah reopens as NH Maldives Kuda Rah Resort under Minor Hotels' NH brand

3,520 Gulhifalhu plots assigned by draw

Government launches the Hiyaavahi home construction finance scheme at 5%; HDFC handles atoll loans, BML and MIB urban and Greater Malé loans

Foreign Investment Act (Law No. 11/2024) comes into force, replacing the 1979 law

Gedhoruveriya list re-evaluated: 1,820 of 4,939 shortlisted applicants remain eligible

Civil Court (Hulhumalé) upholds HDC's termination of Sealife agreement; no compensation owed

15th amendment to the Tourism Act ratified: resort leases extendable to 99 years

KSL Capital Partners takes majority stake in Soneva

Gulhifalhu plots re-drawn under revised land use plan; sizes 1,250–3,650 sq ft

Work on Naagoashi launched by MTDC with government backing; 183-room first phase targeted for December 2026

Handover of Gulhifalhu Binveriyaa plots begins

Key handover begins for the 4,000 Gedhoruveriya flats in Phase 2

Gedhoruveriya key handover begins at Amaan Udhares Tower 14

BML cuts home-loan equity requirement from 20% to 5% (20% still for construction or financing above MVR 3 million); equity can be financed through the pension fund

HDC contracted to build 200 units in Addu (Hithadhoo, Maradhoo, Feydhoo)

Trump Organization and Dar Global announce tokenised Trump International Hotel Maldives (80 villas, opening by end-2028)

Tourism Ministry opens bids for large lagoon resort plots in the northern atolls and halal-tourism sites in Laamu

16th amendment to the Tourism Act ratified (lagoon boundaries, SOE resort leases, training resorts, guesthouses and hotels only on inhabited islands)

FDC schedules remaining Gedhoruveriya handovers to end of January 2026; 3BR rent MVR 10,000, 2BR MVR 6,000

HDC waives MVR 1.2m in Hiyaa late-payment fines; MVR 628m owed by social housing tenants as of July 2025

Applications open for 22,900-home Greater Malé scheme (to 14 Apr 2026); none yet under construction

Criminal Court finds 42 charges against Sealife MD not proven; PG appeals to High Court

Construction Ministry invites developers to build 2,100 affordable units on 13 islands under PPP