Enquiries from Eastern European and Asian billionaires and resort developers to invest in the Maldives Archipelago have been coming in recently, according to real estate company Debutesq Group which lists a few of the nation’s 1,200 islands in the Indian Ocean.
Maldivian islands cannot be bought outright, nor can they be for exclusive private use. The country’s ministry of tourism will, however, grant long-leasehold interests (typically 50 years) for those willing to invest in resort developments and employing native Maldivians.
A businessman from the Czech Republic bought a 20-hectare island and developed Velaa Private Island resort, which opened in November.
An undeveloped island of about 14 acres can cost between $7 million and $8 million if it is under half an hour by seaplane from Male, said Alan O’Connor or Debutesq Group. Thirty acres a little farther away can cost $12 million.