Adhaalath Party Warns Long-Term Foreign Residency in Real Estate Projects Poses Risks to Religious Unity

The Adhaalath Party has said that international real estate projects should not be run in a way that creates areas where foreigners live long-term, warning that such areas would pose risks to the Maldives' religious unity. In a statement issued last night, the party made the remarks as the government has submitted a bill to the People's Majlis to create a real estate law aimed at the project to be run under the name "Maldives Waterfront and Marina." The party requested the government not to run any project in a way that creates areas where foreigners live long-term, and instead said real estate projects should be run in a way that develops "holiday homes" where foreigners spend holidays. The statement did not specifically mention any of the international real estate projects decided to be run in the Maldives. "... If projects are carried forward in a way that creates a separate area in the Maldives where foreign parties live long-term, this party believes that risks will arise to the Maldives' religious unity, public interest, Maldivian culture and the Maldives' security and safety," the Adhaalath Party said. According to the party, running international real estate projects in accordance with Islamic principles is something good for the Maldives' economy, paving the way to diversify the economy and build a resilient one. Regarding the project to be run in Rasmalé handed over to the UAE's Egal Hills, the Adhaalath Party met with Housing Minister Dr. Abdullah Muthalib last October to clarify information. The party said then that it had met with Minister Muthalib along with the party's President Mohamed Shifan and senior leadership to clarify important information and dispel confusion over the matter. No further details related to that meeting were given at the time. While the government has signed a commercial terms agreement with Egal Hills to run a large project on 500 hectares of land including real estate business and tourism, the Ministry had then also given information related to the matter to the Adhaalath Party and other parties that requested it. The first law organized specifically for the area of developing the real estate business in the Maldives, the "Real Estate Business Bill," was submitted to the People's Majlis today by the government. According to the bill, its main purpose is to create a dedicated authority to regulate real estate businesses, monitor projects and transactions conducted in the sector, and to obtain full legal protection for the money of parties buying flats and land. It is stated that the purpose of the bill is to bring solutions to problems arising due to the fact that the building law currently in force applies only to high-rise buildings and that there is no separate law to protect the money of parties buying in the real estate market.