The Maldives’ construction industry experienced steady growth in the third quarter of 2024, despite a decline in the import of construction-related materials. According to the latest Economic Bulletin by the Maldives Monetary Authority (MMA), the sector expanded by 1.6% compared to the same period in 2023.

One of the key drivers of this growth was the increased credit provided by commercial banks. Loans to the construction sector rose by 15%, primarily supporting real estate development, resort renovations, residential housing, and commercial building projects. This indicates a strong demand for infrastructure development in the Maldives, particularly in urban and tourism-related areas.

While the industry showed overall progress, there was a 4% drop in the import of construction materials. This decline suggests possible challenges in supply chains or shifts in domestic sourcing strategies. However, the continued expansion of property development projects highlights the sector’s resilience.

The real estate sector also performed well, growing by 7.1% in the third quarter. This aligns with the construction sector’s upward trend, as both industries are closely linked through housing, commercial projects, and resort developments.

The MMA compiles its economic data from various government and private sector sources, providing a comprehensive analysis of industry trends. With continued investments and growing financial support, the construction sector in the Maldives is expected to maintain its steady progress in the coming months.

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