Tuesday, 27 October 2026 · Malé Search Newsletter Send us your launch WhatsApp the desk
Maldives Real Estate News

Maldives real estate, reported from the ground: developments, developers, prices, rules, and the homes behind them.

Rules & rates

What HDFC's quarterly reports show about off-plan projects

HDFC reports the progress of every development it finances to the capital market regulator. The June 2026 report: Bayfancy 93%, Kandoofa Residence 86%, The Rise 74%, Centreal 61%, Rain Pearl 45%, Rain Palm 37%, Kandoofa Ecoplex 13%. Several completion dates have moved by more than a year.

By Published 1 min read

Illustration from Binga's stock library: a living room with a swing seat at dusk. Not the building in this story.
Illustration from Binga's stock library: a living room with a swing seat at dusk. Not the building in this story.

As a listed issuer, Housing Development Finance Corporation (HDFC) reports every quarter to the Capital Market Development Authority. Each report includes a table of the developments where it finances buyers: the contractor, the progress and the expected completion. For an off-plan buyer it is one of the few independent records of how a building is going.

As at 30 June 2026

DevelopmentContractorProgressExpected completion
Bayfancy ResidenceBayfancy93%December 2026
Kandoofa ResidenceKandoofa Investments86%August 2026
The RiseFEDO Construction74%May 2027
Centreal Homes (N3-55C)Apollo Holdings61%March 2027
Rain PearlRainbow Singhal45%May 2027
Rain PalmRainbow Construction37%October 2027
Kandoofa EcoplexChima Construction13%2028

Progress as reported to HDFC, mostly in May 2026.

Dates that have moved

  • The Rise: January 2026 (end-2023 report), then August 2026 (end-2025), now May 2027.
  • Rain Palm: January 2026 (end-2024), then March 2027, now October 2027. Its reported progress fell from 46.5% to 32% between the end-2024 and end-2025 reports before rising to 37%. HDFC does not explain the fall; it may reflect a new baseline.

How to use this

  • Before you book, check the latest report for your development. A slipping date means a longer wait and, if your grace period ends first, payments on a home you cannot yet live in.
  • Compare with the developer's own progress reports. Binga follows several of these developments on its project pages.
  • HDFC publishes the reports under Investor Relations on hdfc.com.mv.

As published by HDFC on 18 October 2026. Rates and terms change; confirm them with HDFC before you commit. General information, not financial advice.

Compare lenders with the concierge

Sources and method

Prices are asking prices as listed through Binga unless marked achieved, and are dated. Developer descriptions are reported as the developer's own. Facts the desk could not verify are left out. Spotted an error? Write to hello@binga.mv; corrections are noted at the foot of the piece.

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

Rules & rates

Is your building on HDFC's list? The 15 approved projects

HDFC finances flats only in projects it has approved. Its list has 15, from Bayfancy and Kandoofaa Residence to The Rise, the Rainbow projects, Centreal and SJ Creek. The full list, and how a developer gets on it.

· 1 min read

Rules & rates

I'm over 50. Can I still use my pension to buy a home?

Yes, until you turn 60, but only half your balance, and the loan must be paid off before you turn 65. That shortens the term and raises the payment: on MVR 2.4 million at 11%, about MVR 33,100 a month over ten years against MVR 23,500 over 25.

· 2 min read

Rules & rates

The five lenders that accept your pension, and the five steps to use it

Only five institutions can take your pension savings as a home loan deposit: Bank of Maldives, Maldives Islamic Bank, HDFC, Mauritius Commercial Bank and Commercial Bank of Maldives. How the request moves between you, the lender and the Pension Office, step by step.

· 2 min read

Rules & rates

Which homes can you buy with your pension? Off-plan flats included

The Pension Office's housing scheme covers homes bought to live in, sold on the open market, including flats handed over when construction finishes. What that means for buyers in Greater Malé's new developments, and what it leaves out.

· 2 min read