The government of Maldives announced a reduction in monthly rent for Hiya flats from MVR 7,500.00 to MVR 5,300.00, with the decision reportedly made during a discussion at the President's Office on Thursday, April 27, 2023, and a formal announcement on supplementary details still pending. The amendment also extends the lease settlement period by an additional 7 years beyond the initial 25 years.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
Media reports suggest that this decision was made during a discussion held at the President’s Office on Thursday, April 27, 2023.
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The government of Maldives has announced a reduction in the monthly rent for Hiya flats from MVR 7,500.00 to MVR 5,300.00.
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At present, Hiya owners pay a monthly installment of MVR 7,500.00 along with an additional MVR 1,000.00 as a maintenance fee.
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At present, Hiya owners pay a monthly installment of MVR 7,500.00 along with an additional MVR 1,000.00 as a maintenance fee.
Word for word from the report in Maldives Republic. Open the report
Although the government had initially provided them with a 25-year period to settle the apartment leases, the amendment will grant them an additional 7 years.
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Last year, a report compiled by the World Bank said that over 2,300 Hiya flat owners defaulted on rent.
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