The Government has introduced the Real Estate Bill to Parliament to further strengthen the growing real estate market in the Maldives, with the aim of ensuring the rights of businessmen and home buyers.
The bill's main objectives are to ensure that real estate projects and businesses in the Maldives are monitored by the relevant government agencies and conducted in accordance with strict rules.
The Bill also prohibits selling alcohol and pork in the Integrated Real Estate Zones defined in the Bill.
Properties developed in the zone designated under this section and businesses or occupants operating thereon shall not be permitted to import, sell, or use alcohol, alcoholic beverages, pork, or pork products.
The Bill also bans selling property leasehold rights to Israeli citizens and/or a legal entity owned or controlled by such a person from the designated zones and also bans subleasing the lands to such persons.
In addition, an integrated real estate zone can be leased to a master developer for a maximum period of 99 years.
The bill states that the land in this zone shall be registered to the citizens of the same country or to persons controlled by that country in such a way that the proportion of the total land shall not exceed 25 percent.
