The construction sector in the Maldives has been booming, with the increase in output stemming mainly from the successive governments’ public sector investment program, which involves large-scale infrastructure projects across the country in various areas such as civil construction, transport, medical and industry. The boom in the construction sector has also been aided by the growth in residential housing projects, by both the public and private sector undertakings.
The total resident population of the Maldives is 568,000. By 2028 the population is expected to increase to almost 650,000 with a need for 30,000 more homes assuming an average of four per household.
Key policy priorities in the housing and real estate sector include increasing accessibility to housing through increasing the housing supply, and provision of social housing through institutional and legal reforms. Other priorities focus on improving affordability of housing through access to finance and saving schemes and facilitating decentralized housing delivery in the atolls.
Opportunities for investment
Investment opportunities in the sector include construction and purchase of residential housing, development of new resorts and renovation of existing resorts in addition to key infrastructure development projects.
Prospective projects for investors include development of mixed housing projects—social housing, affordable housing, and luxury housing—in addition to ancillary services attached to housing development projects. In addition to the current social housing programs, 15,000 housing units will be built across the country, with emphasis on targeting regional areas with acute housing needs.
Urban regional development
Urban regional development is a key component of the national development agenda. Regional development programs incorporate a variety of projects which includes land reclamation, development of road networks, housing projects, residential areas, business districts, ports, utility services, youth centres, nature reserves among others.
Transhipment port and free zone
The national development plan includes the establishment of a transhipment port and free zone under a long-term public-private partnership model in the north of the country. The planned integrated development includes facilities for bunkering, maritime security, warehousing, packaging, processing, manufacturing, and real estate opportunities.
Investment in tourism development
Resort development and operations are the most attractive foreign investments in the tourism sector, with mega projects such as fully integrated hotels and real estate developments including large scale retail, leisure and recreational facilities, condominiums, business complexes, world class health and educational establishments. These opportunities offer lucrative investment potential for investors looking to position themselves in this sector.
Investment opportunities in Hulhumale’
Hulhumale’ symbolizes the country’s drive towards modernization and the dynamic economic development that the country is experiencing today, Hulhumale’ has been designed to offer a range of residential solutions that incorporate a mix of affordable housing to luxury condominiums.
Hulhumale’, offers a range of investment opportunities for the international investor. While it is open for investment in real estate development, schools, hospitals, shopping malls, recreation and entertainment facilities and an array of other commercial activity, it also offers the opportunity to invest in the country’s urban tourism sector in the form of high-end luxury hotels.
The knowledge park is aimed to give opportunities for local and foreign parties to establish universities, colleges and other educational institutions.
The IT Park is envisioned to be affiliated with international tech-parks providing training, R&D services, incubator services, technology commercialization, techno-preneurship, development of applications, and facilitating market linkages and grants.
Consists of upscale hotel, midscale hotel, apartments, villas, F&B space and leisure.
A secluded gated community of luxury villas catering for the high net worth niche market.
The pedestrian street accommodates every variety of commercial activities and aims to attract regional commercial giants.
For details on investment opportunities in Hulhumale’ visit: www.hdc.com.mv