Real Estate in the Maldives
The Maldives draws its income from tourism and from fishing. Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is one meter or less above sea level.
The Maldives was long a sultanate, first under Dutch and then under British protection. It became a republic in 1968, three years after independence. Since 1978, President Maumoon Abdul GAYOOM - currently in his sixth term in office - has dominated the islands' political scene.
Following riots in the capital Male in August 2004, the president and his government have pledged to embark upon democratic reforms, including a more representative political system and expanded political freedoms. Tourism and fishing are being developed on the archipelago.
Foreign investors are not allowed to own land, but are granted lease rights ranging up to 25 years, which can be later extended to 35 years for investments over $10 million.
Due to the current political and economic situation, investors should refrain on buying property in the Maldives at present.
