Maldives lagoon being leased to state-owned company for development
Maldives’ Tourism Act states that an island, lagoon, or land must be designated by the state for development
In the Maldives, Addu City’s Hankede and the K. Gaafaru lagoon were chosen to be developed for real estate tourism, reported the Sun.
Based on a decree signed by President Ibrahim Mohamed Solih, Hankede and Gaafaru lagoon have officially been leased to state-owned enterprise Maldives Fund Management Corporation for development.
The Maldives’ Tourism Act indicates that an island, lagoon, or land area developed for integrated tourism must be a location designated by the government for a tourism real estate development project.
More: Tourist resort starts developing at the sandbank in Mathiveri, Maldives
Moreover, the location must be leased for development to a 100 percent state-owned enterprise through a presidential decree.
Such regulations follow Economic Minister Fayyaz Ismail’s announcement that the government aims to diversify the Maldivian economy and expand the real estate sector.
The Property Report editors wrote this article. For more information, email: [email protected].
Recommended
Is China’s housing market finally turning a corner?
Shanghai’s property revival raises hopes, but falling prices elsewhere point to a long recovery
Opportunity or trap? What Washington’s high-tech hub outside Manila means for Philippine property
The New Clark City Economic Security Zone promises billions in investment, but at what cost to Philippine sovereignty?
What Japan’s policy rate hike means for its property market
After decades of near-free borrowing, the country's policy rate is starting to reshape the calculations behind property investment
A conversation with the head of Vietnam’s Green Building Council on the cost of doing nothing
The VGBC’s Douglas Snyder argues that the real cost developers should fear isn’t building green. It’s failing to do so
