President: No single nationality can own more than 25% of Rasmale' properties

President Dr. Mohamed Muizzu has announced that no single nationality will be allowed to purchase more than 25 percent of the properties developed under the Rasmale' mega project, which is being carried out by UAE-based Eagle Hills. The President made the remarks while speaking on "The Falls" podcast produced by the President's Office. The President said a real estate law will be introduced within a short period to implement the measure, and that the law will clearly state that buying property in the Maldives does not grant Maldivian citizenship. He also said that under the project, Israeli citizens will not be allowed to purchase properties, stressing that the restriction would be imposed through the law. The President further said that while limits will be placed on foreign buyers, Maldivians will face no restriction in purchasing Rasmale' properties. He noted that a 1,000 square foot property in Rasmale' would be available for approximately 600,000 dollars, and said many middle-income and upper-middle-income Maldivians earn enough to buy such properties. He added that Maldivians would be free to buy all properties if they wish and could also sell them back to the government.