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

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.

By Published 2 min read

Illustration from Binga's stock library: a double-height lounge under a rattan chandelier. Not the building in this story.
Illustration from Binga's stock library: a double-height lounge under a rattan chandelier. Not the building in this story.

The Pension Office sets two conditions for a home bought under its housing scheme. Its leaflet puts them slightly more fully.

The conditions

The website:

  • "A housing unit intended for dwelling purposes"; and
  • "A housing unit that are publicly offered and which will be handed over to the member on completion."

The Dhivehi leaflet: homes bought to live in, either:

  • sold on the open market after being built; or
  • sold to be handed over to the buyer once construction is complete.

What that covers

  • Off-plan flats in new developments sold to the public, such as the towers going up in Hulhumalé Phase 1 and Phase 2. You pledge at booking, and the home is handed over on completion.
  • Completed flats sold on the open market.

What it appears not to cover

  • Homes bought to let. The scheme is for dwelling purposes. If you plan to rent the flat out, ask your lender and the Pension Office before relying on your pension.
  • Private sales not offered to the public. The wording is "publicly offered" or "open market".
  • Building on your own land, today. The scheme as the Pension Office describes it covers buying a housing unit. The Sixth Amendment to the Pension Act (in force 21 May 2026) adds loans to build or renovate a house, but its regulations had not been published by 18 October 2026. See Building on your own land? How the pension change could help.

The lender still decides the project

Even when a home qualifies for the pension scheme, your lender must agree to finance it. For off-plan flats, banks lend only in projects they have approved:

  • Maldives Islamic Bank: six projects;
  • HDFC: fifteen;
  • Bank of Maldives: more than thirty.

Check both: the home must qualify for the pension scheme, and the project must be on your lender's list.

Pension Office: hotline 1441, Viber 733 1441, info@pension.gov.mv, pension.gov.mv. Your pledgeable amount is on your RSA statement, in the Pension mobile app and on the website.

From the Maldives Pension Administration Office's own housing pages, FAQ and leaflet, read on 18 October 2026. Your lender's terms decide the rest; confirm them before you commit. General information, not financial advice.

Ask the concierge about buying with your pension

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

Pension or cash for your deposit: which should you use?

Pledging pension keeps your cash free and may get you a lower rate; paying cash keeps your retirement savings out of the loan. Five questions to decide, and how to combine the two.

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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.

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Rules & rates

Pledge, not withdraw: how the MRPS housing benefit actually works

The Pension Office does not pay out pension savings for housing. It lets members pledge them as collateral, in place of a cash down payment, and the money keeps earning. Why the scheme is built that way, and what it means for your retirement.

· 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.

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