Ministry of Tourism Revises Land Acquisition Cost of New Islands for Tourism Development
Saturday 22nd of May 2021
Tourism industry has been the bread and butter of the Maldivian economy with booming growth over the past half century. It has also proven to be a lifeline in the ongoing pandemic. Known for the ultra-luxe offerings strictly restricted to the one-island-one-resort properties, the Maldives was long labeled as a destination for the affluent. However, the dialogue changed for the better with the introduction of local island tourism and the boom of the guest house industry across the country.
Most of the development has always been centered around the capital city Male’, spanning to islands across the atoll. This was previously a viable choice given its proximity to the main gateway, Velana International Airport and short sea-travel distance. Nonetheless, the crowded developments started moving into unexplored regions across the country with the recent developments in sea-travel means and domestic airports being built across the far-stretched atolls.
In line with the latest Tourism Development Master Plan, diversification remains key as the Ministry of Tourism identified a number of islands suitable for tourist establishment development, this time mainly from the northern and southern atolls in the archipelago. A call for bids and interested investors was made earlier this year for 23 selected islands and land slots.
Today, the Ministry has announced revised prices for the land acquisition of the islands, in hopes of relieving interest investors from the burden of having to stretch beyond their capacities in the challenging economy amid the pandemic.
The revised Land Acquisition Costs are as follows, in USD.
- Velifinolhu in Haa Alif Atoll – 420,000
- Alidhuffaru Finolhu in Haa Alif Atoll – 350,000
- Kuda Faru Fasgan’du in Haa Dhaal Atoll –210,000
- Seedheehuraa in Meemu Atoll along with the Seedheehuraa Veligan’du - 875,000
-- Maausfushi in Meemu Atoll – 1,575,000
- Kaaddoo in Thaa Atoll – 700,000
- 10 hectares from the Northern part of Kanimeedhoo in Thaa Atoll – 1,050,000
- Olhufushi in Thaa Atoll along with Olhufushi Finolhu – 700,000
- Kashidhoo in Laamu Atoll – 700,000
- Bodu Munyafushi in Laamu Atoll – 700,000
- Dhonberahaa in Laamu Atoll along with Holhurahaa – 525,000
- Maarehaa in Gaaf Alif Atoll – 1,400,000
- Funadhoo Viligillaa in Gaaf Alif Atoll – 700,000
- Kandahalagalaa in Gaaf Dhaal Atoll – 875,000
- Kadevaarehaa with Dhigurehaa in Gaaf Dhaal Atoll – 700,000
- Fereytha Viligilla as a cluster in Gaaf Dhaal Atoll along with Dhekaanbaa, Koderataa, and Island on coordinate number 0'22',72.86"N 73"7'28.98"E – 700,000