Rasmale: Properties to be sold under 99-year leasehold, buyers can resell

The Maldives government has submitted a Real Estate Business Bill to the People's Majlis that would allow properties developed within integrated real estate zones, such as the Rasmale project, to be sold under 99-year leasehold rights. Under the proposed legislation, a buyer of such property would also have the right to sell it to other parties. The bill explicitly states that purchasing property in an integrated real estate zone does not grant citizenship rights. It also bars Israeli nationals from buying property in Rasmale and similar projects, and imposes penalties for misleading information regarding property purchases. The master developer of a zone can lease the zone for up to 99 years under a Master Development Agreement, and the rights of asset holders are protected if the zone's lease expires. The Rasmale project, a $20 billion waterfront and marina development with UAE-based Eagle Hills, was inaugurated by President Mohamed Muizzu in December 2023 as part of his pledge to address the housing shortage in the Male area.