President Muizzu to ban Israelis from buying property in Malé under new law

President Dr. Mohamed Muizzu has announced a legal prohibition on Israeli citizens from buying, selling, or leasing any property in the reclaimed area of Malé, particularly under the Hulhumalé project. Speaking during a podcast organized by the President's Office, Muizzu responded to opposition allegations and stated that the restriction will apply not only to Israeli passport holders but also to anyone involved through other systems. He confirmed that a new real estate law will be introduced shortly, which will also limit foreign buyers from any single country to a maximum of 25% of available properties. Additionally, the law will stipulate that foreign buyers cannot obtain Maldivian citizenship. Maldivians, however, face no such limits and may purchase all available properties, with an option to resell to the government. The President noted that the price of a 1,000 square foot property in Malé is around $600,000, a cost he described as affordable for middle- and higher-income residents.