Maldives announce prices of islands,lagoons leasing

The prices to lease islands and lagoons of the Maldives without a bid process have been announced by the Maldivian Tourism Ministry on Wednesday.

The announcement showed that the most expensive leases are the islands and lagoons from Alifu Dhaalu, Alifu Alifu and Malé atolls. An island of 10 hectares would be sold for 6.6 million U.S. dollars while a lagoon from the Malé atoll would be sold for 500,000 dollars on a 99-year lease.

The regulation to lease islands and lagoons without a bid process was made after a recent change to the tourism law by the Parliament. However the list of islands up for sale this year have not been announced.

The ministry announced that islands from Haa Alifu, Haa Dhaalu, Shaviyani, Gaafu Alifu, Gaafu Dhaalu, Gnaviyani and Seenu atolls would be sold at a rate of 125,000 dollars per hectare for 99 years' lease. And an island of 10 hectare from those atolls would be sold for 1,250,000 dollars.

According to the announcement, no premium fees have to be paid for islands from those seven atolls to build a resort. But the islands for other atolls, a premium between 250,000 - 600,000 dollars has to be paid.

Aside from the islands, the ministry has announced the prices for lagoons as well under which four sizes of lagoons would be sold. Lagoons between 15-50 hectares are now up for sale. The most expensive atolls to buy lagoons are Alifu Alifu atoll, Alifu Dhaalu atoll and Malé atoll.

A lagoon of 15 hectares from Malé atoll would be sold for 20 million dollars, while a lagoon of 25 hectares would be sold for 30.8 million dollars along with a lagoon of 35 hectares for 41 million dollars and 50 hectares for 51.2 million dollars. Enditem