Housing Minister Confirms 99-Year Leases on Rasmalé Properties, Audio Leak Sparks Concern

An audio clip allegedly featuring Housing Minister Dr. Abdullah Mutalib has circulated on social media, in which he states that properties in the Rasmalé project are being sold for 99 years. Maldivian media outlets have confirmed the audio clip's authenticity. According to the minister, the land in Rasmalé was leased to UAE's Eagle Hills Company for 99 years. Under a special arrangement with the government, when an investor sells a property to another investor, the new purchaser receives a fresh 99-year lease term. This rule was established to prevent property prices from decreasing over time and to maintain investor confidence. Minister Mutalib also stated that the government will have the authority to approve or reject any transfer of ownership in Rasmalé, meaning no transfer can occur without government permission. The government signed a commercial agreement with Eagle Hills to implement the "Maldives Waterfront and Marina" project in Rasmalé. The arrangement has raised concerns among religious scholars, the general public, and political parties, who worry about foreign entities acquiring a large area of the Maldives.