# 3,200 lease-to-own homes: Bank of Maldives' affordable housing push and what it means for buyers

> Under a Maldives Monetary Authority rule, every commercial bank must put 10 to 15% of its lending into affordable housing. Bank of Maldives has set up a company to build more than 3,200 lease-to-own homes in Hulhumalé and Villimalé. Who they are for, and what the scheme means for the private market.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/bml-affordable-housing-lease-to-own-3200-homes
Published: 2026-10-18T07:27:31.990Z · Updated: 2026-10-18T07:27:31.990Z · Event date: 2026-10-18

The biggest change in Maldivian housing finance in 2025 was not a rate cut. It was a rule. The **Maldives Monetary Authority (MMA)** now requires every commercial bank to put **10 to 15% of its total lending** into its **Inclusive National Affordable Housing Scheme (INAH)**. The rule supports the Cabinet's National Housing Affordability and Accessibility Project. Bank of Maldives (BML), which holds more than half of all loans in the country, moved first.

## How it unfolded

- **13 November 2025:** BML signed a land allotment and development agreement with the Ministry of Construction, Housing and Infrastructure. It secured land in **Hulhumalé Phase 1 and 2 and Villimalé** for about **3,000 homes**. The bank set up a wholly owned, Shariah-compliant subsidiary, **BML Affordable Home Leasing Pvt Ltd**, to deliver them.
- **29 December 2025:** contracts awarded.
  - **Beijing Urban Construction Group:** 1,117 homes on four plots in Hulhumalé Zone 2, about 13,475 square metres.
  - **China Machinery Engineering Corporation,** which built Vinares: 1,224 homes in Hulhumalé.
- **27 January 2026:** construction formally began on **five projects**. Local contractors Amin Construction, FW Construction and Rasheed Carpentry & Construction joined the two Chinese firms. Together they will deliver **more than 3,200 homes** in Hulhumalé Phase 1, Phase 3 and Villimalé.

## How lease-to-own works

The homes are for **first-time homeowners**:
1. You **lease** the home and make monthly payments.
2. When the payments are complete, **ownership passes to you**.

It works like a long instalment purchase, without the deposit that has kept many families out of the market.

## What it means if you are buying privately

- **More supply at the affordable end.** Over 3,200 homes is a large addition to Greater Malé. As they are handed over, they may ease rents and prices for smaller flats.
- **A different buyer.** The scheme is for first-time owners on a lease-to-own path. Buyers of developer apartments, especially larger or premium homes, are a different market, and the main products for them stay the bank's Home Purchase Financing.
- **Timing.** BML has not published completion dates for the five projects. Until it does, treat their effect on the market as a question of years, not months.

*From Bank of Maldives' announcements of 13 November 2025, 29 December 2025 and 27 January 2026. General information, not financial advice.*

## Sources
- www.bankofmaldives.com.mv/articles/863/bank-of-maldives-and-ministry-of-construction-housing-and-infrastructure-sign-land-allotment-and-development-agreement-under-mmas-inclusive-national-affordable-housing-scheme (BML, 13 November 2025) (https://www.bankofmaldives.com.mv/articles/863/bank-of-maldives-and-ministry-of-construction-housing-and-infrastructure-sign-land-allotment-and-development-agreement-under-mmas-inclusive-national-affordable-housing-scheme (BML, 13 November 2025))
- www.bankofmaldives.com.mv/articles/881/bml-affordable-home-leasing-company-advances-mmas-inclusive-national-affordable-housing-scheme-with-award-of-major-construction-contracts (BML, 29 December 2025) (https://www.bankofmaldives.com.mv/articles/881/bml-affordable-home-leasing-company-advances-mmas-inclusive-national-affordable-housing-scheme-with-award-of-major-construction-contracts (BML, 29 December 2025))
- www.bankofmaldives.com.mv/articles/889/bml-affordable-home-leasing-company-commences-construction-for-five-housing-projects (BML, 27 January 2026) (https://www.bankofmaldives.com.mv/articles/889/bml-affordable-home-leasing-company-commences-construction-for-five-housing-projects (BML, 27 January 2026))

Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.