Maldives President proposes ownership caps for Ras Malé project

President Mohamed Muizzu has announced plans to introduce a Real Estate Act that would cap property ownership by citizens of any single foreign nation at 25 percent within the $20 billion Ras Malé Waterfront and Marina development. The project, being developed by UAE-based Eagle Hills, would include branded residences, resorts, and a marina.

Under the proposed legislation, Maldivian citizens would face no such nationality-based restrictions. President Muizzu also stated that Israeli citizens would be entirely barred from acquiring property within the development. He noted that residential units of approximately 1,000 square feet could be priced around $600,000.

These proposals currently exist as executive policy visions and administrative drafts. The framework must still undergo public debate and receive approval from the People’s Majlis to become statutory law. The announcement comes amid a national movement led by opposition groups under the slogan ‘Maldivian Land for Maldivians,’ which calls for the cancellation of the project and greater transparency regarding the land allocation.