Maldives is known for it’s expensive exotic resorts. For it’s underwater suites. For it’s rich and beautiful biodiversity.
That’s alright. That’s all true. And here is something else for which the country of Maldives, the capital of her, Male’ (Maale) should be known for; rent.
Rental prices in Male’ City as been constantly elevated due to the increased demand of housing in the city as more and more families move to the city every year for easier access to better welfare services. Maldives being one of the counties to come out of poverty very recently, the touch of development and modern services understandably is a driving factor.
Now about the rent.
In today’s rate, the price of:
1 room apartment
Single room apartment is one of the hardest type of apartment to find in the city. Mostly due to the fact that not many buildings are designed with 1 room apartments. The ones that exist are small and often not very appealing for the prices.
Basically there are 3 options for single room apartments.
Option 1, the most expensive option is to rent from an apartment complex. The likes of luxury private property companies. However I do not recommendation renting a single room apartment for long-term as very quickly the single room will not be enough.
This leads the option 2, general rental rates for this category falls in the middle. The option is to find a single place in downtown Male’ and rent for 1 or two years. As there aren’t that many 1 room apartments on the market, it will be tough to find a newly built place, however, since more and more small plots that could only fit a single room are being built up, there are possibilities.
The third option, my least favorite option is to rent a remodeled, 2 room or 3 room apartment which has been made in to 1 room apartments. Some owners like to do this in order to house more tennant’s in their apartment. This is straight up messed up and not recommended. These spaces are on the more cheap side tho, but it’s not worth the trouble.
2 Room Apartment
Two room apartments are the most common, and readily available spaces in the city. These apartments tend to come with many benefits that usually 1 room spaces don’t, such as with building security, electronic locks, bigger living space and spacious birth or toilet. This may not be the case with every 2 room apartment, but the ones that are newly built does.
And most importantly, the price of these apartments are generally cheap compared to 1 room places. Sharing with a buddy or renting out the extra room would be ideal.
Such apartments are available in downtown Male’, or from Hulhumale’.
Now let’s talk about the rental prices. It is known that rental price in the Male’ area are off the roofs. but is it? Let’s look in to it.
On average today,
1 room apartments are priced at 10,000 MVR ($648) for semi furnished (kitchen cabinets + kitchen counter installed) while furnished 1 room apartments are priced over 15,000 MVR ($972)
2 room apartments are priced at 18,000 MVR (&1167) for semi furnished while furnished apartment priced over 25,000 MVR ($1621).
The popular choice is semi furnished.
Security deposit on average is the rent for 3 months. This could go as low as 2 months depending on the situation.
Why is it a crisis?
The rental situation turns in to a crisis when general income and spending power of average individual is considered. The average rental rate for a single room or shared two room apartment in Male’/ Hulhumale’ takes up more than 60-70% of the monthly income for most families. This turns in to a disaster when other costs including utility, internet and other spending drivers are factored in.
It turns in to a crisis when you find out the rental prices of average apartments in Male’ City is comparable and in some cases exceeding the rates of much better apartments in expensive cities like Boston, Edinburgh and Paris.
Thank you for reading.