Maldivians Face No Limit Buying Rasmale' Properties; 1,000sqft from US$600,000, President Says

President Dr Mohamed Muizzu has said Maldivians will face no restrictions when buying property in the Rasmale' development, with a 1,000-square-foot property expected to cost around US$600,000. Speaking on "The Falls" podcast produced by the President's Office, Muizzu said the sale of property to foreigners under the project, which is being developed by UAE-based Eagle Hills, will follow specific regulations. He noted that no single nationality can be allocated more than 25 percent of the properties. The President said Israeli citizens will be given no opportunity to buy, sell, or rent property under the project. He said the law will ban such transactions, and that there are systems in place to determine eligibility, not based only on holding an Israeli passport, adding that Israeli citizens will also not be allowed to stay there. Muizzu said Maldivians will be able to purchase as many properties as they wish and will also be able to resell them, including to the government, which could then resell them. The President said a 1,000-square-foot property would be priced at around US$600,000, making it accessible to Maldivians with middle-income and above-middle-income earnings. He also said a law on real estate will be introduced soon, that foreign buyers will not be granted Maldivian citizenship, and that the rules and limitations on foreign property purchases will be set out in law and agreements.