The monthly rent for a three-bedroom flat has been reduced from MVR 10,500 to MVR 10,000. In addition to this, the rent for two-bedroom flats has been decreased by MVR 1,000, bringing the cost down from MVR 7,000 to MVR 6,000.
Housing tower constructed under the Gedhoruveriyaa housing scheme
President Dr. Mohamed Muizzu has announced a reduction in the monthly rent for flats, including maintenance fees, following concerns raised by beneficiaries of Fahi Dhiriulhun Corporation (FDC) flats regarding high rental costs and advance payments.
The monthly rent for a three-bedroom flat has been reduced from MVR 10,500 to MVR 10,000. In addition to this, the rent for two-bedroom flats has been decreased by MVR 1,000, bringing the cost down from MVR 7,000 to MVR 6,000.
The president also clarified that the advance payment for both two-bedroom and three-bedroom flats will now be set at the equivalent of one month's rent for those respective flats.
These changes were revealed by the president during a meeting held on Thursday night with residents of Hulhumalé Phase II, at the Salahuddin School hall.
Following the announcement, Minister of Construction, Housing and Infrastructure Dr. Abdulla Muththalib detailed the changes in a post on social media platform ‘X’.
According to the minister, the new monthly rent for a two-bedroom unit is MVR 6,000, with an additional MVR 1,000 maintenance fee, making the total monthly payment MVR 7,000. The security deposit for these units is set at MVR 6,000.
For a three-bedroom unit, the monthly rent has been adjusted to MVR 8,500, with a maintenance fee of MVR 1,500, totaling MVR 10,000 per month. The security deposit for these units is now MVR 8,500.
While these adjustments were made under the Muizzu administration, it is worth noting that the previous administration of the now-opposition Maldivian Democratic Party (MDP) had set the total monthly payment for a three-bedroom flat at MVR 8,000 (MVR 7,000 rent + MVR 1,000 maintenance fee). For a two-bedroom flat, the MDP administration had set the total at MVR 6,000 (MVR 5,000 rent + MVR 1,000 maintenance fee). These prices were publicly announced on 15 November 2023.
The MDP administration had also implemented a system where no security deposit was required. However, under the Muizzu administration, a deposit of MVR 25,000 for three-bedroom flats and MVR 15,000 for two-bedroom flats was introduced.
Regarding the current changes, the Housing Ministry clarified that any remaining balance from previous deposit payments will be adjusted against future rent payments, after deducting the newly set security deposit amounts.
