The government has submitted the first Real Estate Business Bill to the People's Majlis, creating a Property Regulatory Authority to oversee developers, agents and buyer funds. The bill also sets rules for large Integrated Real Estate Zones, including a 200-hectare and USD 1 billion threshold and restrictions on foreign and Israeli ownership.
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authorities prepare to allocate 500 hectares of land in Ras Malé to UAE-based Eagle Hills for a massive real estate tourism venture
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Under the bill—which spans 14 chapters and more than 160 articles
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Under the bill—which spans 14 chapters and more than 160 articles
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a project must span at least 200 hectares of land and represent a minimum investment of USD 1 billion
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a project must span at least 200 hectares of land and represent a minimum investment of USD 1 billion
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These zones may be leased for up to 99 years, with the master developer required to remit 10 percent of net revenue to the state
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the master developer required to remit 10 percent of net revenue to the state
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buyers from any single foreign nationality cannot acquire more than 25 percent of a zone's total units or land area
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Real estate agency licenses will be reserved exclusively for Maldivian citizens aged 21 and above
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may levy fines ranging between MVR 100,000 and MVR 1,000,000 for statutory breaches
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developers of existing real estate projects will have 90 days to register their operations
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industry practitioners will be granted a 180-day grace period to obtain professional licenses
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The government has submitted the inaugural "Real Estate Business Bill" to the People's Majlis, marking the first dedicated legislative framework to regulate the development and trade of property in the Maldives.
Word for word from the report in The Maldives Journal. Open the report