Hulhumalé Phase 1

Hulhumalé Phase 1 is the original section of the Maldives' ambitious reclaimed island city, developed by the Housing Development Corporation (HDC) beginning in 1997 and substantially completed by the mid-2000s. Today it functions as a mature, self-contained urban district just a short bridge ride from Velana International Airport and a 20-minute ferry from Malé. Wide tree-lined streets, mid-rise apartment blocks, a central mosque, and neighbourhood parks give it a feel unlike anywhere else in the Maldives — orderly, modern, and distinctly suburban. Phase 1 is the beating heart of Hulhumalé's residential property market. Apartment prices typically range from MVR 2.5 million to MVR 5 million for two- to three-bedroom units, with gross rental yields already exceeding 8%. The area benefits from established infrastructure — supermarkets, pharmacies, banks, Hulhumalé Hospital, and multiple schools — making it the default landing zone for Maldivian families priced out of Malé. For investors, Phase 1 offers the stability of proven rental demand in a market where housing supply remains chronically tight.

Hulhumalé Phase 1 in Hulhumale, Kaafu Atoll, Maldives