President Muizzu announces 25% foreign ownership cap on Rasmale properties

President Dr. Mohamed Muizzu has announced that under the new real estate legislation being drafted, citizens of any single foreign country will be limited to purchasing a maximum of 25 percent of the properties sold in the Rasmale development. Speaking on 'The Pulse' programme broadcast by the President's Office, Muizzu stated that the government is working to introduce a comprehensive real estate law very soon. Under the proposed law, no single nationality will be allowed to own more than a quarter of the properties sold by the state in Rasmale. 'Are you aware that the people who get property here cannot be from just one country?' Muizzu said. 'We are in the process of introducing a real estate law very soon.' The President specified that Israeli citizens would be barred from buying property in Rasmale, while Maldivian citizens would face no such restrictions. He also noted that the vast majority of foreign interest in Rasmale properties so far has come from GCC and Arab Islamic nations, indicating that the eventual residents of the development will be Maldivians and people from Arab Islamic countries. The Rasmale project involves the reclamation and development of a 500-hectare island, leased to the UAE's Eagle Hills for 99 years. While the government has stated the investment could reach USD 20 billion, Eagle Hills has said its investment will be USD 12 billion. The President's Office later clarified that the USD 20 billion figure represents the total value of the project upon completion. The reclamation work, which began on December 17, 2023, was initially scheduled for completion within eight months but has now exceeded over 1,000 days.