Government Lowers Monthly Rent for Hiya Flats

The Maldives government reduced monthly rent for Hiya flats from MVR 7,500 to MVR 5,300. The decision was made during a discussion at the President's Office on April 27, 2023, though formally unannounced. Hiya, launched in 2017, is the largest housing initiative in Maldives history. Units were handed over during President Ibrahim Mohamed Solih's tenure amid Covid-19 economic impact. Many owners borrowed to finish apartments. Previously, owners paid MVR 7,500 installment plus MVR 1,000 maintenance. The amendment adds 7 years to the 25-year lease period. A World Bank report noted over 2,300 owners defaulted and Urbanco faced cash flow issues. President Solih met with NGO Hiyaa Rayyithunge Gulhun earlier this year, where the main concern was rent. The President proposed three reduction methods, and the NGO proposed equal reduction.

The Maldives government reduced monthly rent for Hiya flats from MVR 7,500 to MVR 5,300. The decision was made during a discussion at the President's Office on April 27, 2023, though formally unannounced. Hiya, launched in 2017, is the largest housing initiative in Maldives history. Units were handed over during President Ibrahim Mohamed Solih's tenure amid Covid-19 economic impact. Many owners borrowed to finish apartments. Previously, owners paid MVR 7,500 installment plus MVR 1,000 maintenance. The amendment adds 7 years to the 25-year lease period. A World Bank report noted over 2,300 owners defaulted and Urbanco faced cash flow issues. President Solih met with NGO Hiyaa Rayyithunge Gulhun earlier this year, where the main concern was rent. The President proposed three reduction methods, and the NGO proposed equal reduction.

The Maldives government reduced monthly rent for Hiya flats from MVR 7,500 to MVR 5,300. The decision was made during a discussion at the President's Office on April 27, 2023, though formally unannounced. Hiya, launched in 2017, is the largest housing initiative in Maldives history. Units were handed over during President Ibrahim Mohamed Solih's tenure amid Covid-19 economic impact. Many owners borrowed to finish apartments. Previously, owners paid MVR 7,500 installment plus MVR 1,000 maintenance. The amendment adds 7 years to the 25-year lease period. A World Bank report noted over 2,300 owners defaulted and Urbanco faced cash flow issues. President Solih met with NGO Hiyaa Rayyithunge Gulhun earlier this year, where the main concern was rent. The President proposed three reduction methods, and the NGO proposed equal reduction.

This story involves 1 source and may affect public understanding of news.