Government Submits Real Estate Bill to Majlis, Bars Israeli Citizens from Buying Land

The Maldivian government has submitted a bill to the People's Majlis to establish a legal framework for the real estate sector, including the creation of a 'Property Regulatory Authority' to oversee the business. The bill, presented by Henveiru North MP Ahmed Aifan on behalf of the government, aims to ensure sustainable development, transparency, and compliance with Sharia law. Key provisions include prohibiting the sale of leasehold rights to citizens of Israel or anyone with ties to Israel, limiting land sales to any single foreign country to 25 percent of the total area, and banning activities contrary to Islamic Sharia, including the display of symbols or construction of places of worship for other religions. The bill also outlines 99-year leases for master developers in designated real estate zones, with tax applied at tourism tax rates and requirements for urban resources such as hospitals, mosques, and recreational facilities. The government is currently developing the Rasmalé area for the real estate business.