The islands that were put up for bidding this year are going at a starting rate of USD 200, 000 with the highest acquisition costs set for lagoons in Kaafu Atoll Kaashidhoo and Faafu Atoll Nilandhoo with the acquisition cost going at USD 2.2 million for 10 hectares in each area.
Kaashidhoo - Source: Moosa Ismail - Flickr
The Maldives has been famous for one thing since the 1970s as tourism was introduced to the country. From the very start, Maldives became an exciting destination, soon picking up its popularity among tourists from all around the world. The untouched natural beauty, the soft white sandy beaches and the fresh air of the country were something that everyone wanted to experience at least once in their lifetime.
Over the years, the Maldives tourism industry has become the backbone of the country’s economy, contributing to a majority of the country’s revenues. And while the Maldives' islands have gained major benefits from the development of the industry, the locals have also been facing several negative impacts due to the increased amount of tourists.
However, Maldives has marked itself as one of the top destinations over the years, and the tourism industry and the Maldives economy does not seem like going towards diversification anytime soon, as new resorts and guesthouses get built each passing year to accommodate the thousands of guests that visit the country.
With 2022 having been such a successful year for the Maldives tourism industry, it appears that the country is set to accomplish even bigger targets as the arrival growth expectations were increased and the Government has also announced that 14 new uninhabited islands will be up for resort development this year.
Even though this might seem like a large number of islands being put up for bidding, back in 2022 a total of 21 islands were announced for bidding, however, only five were acquired at the end of the bidding process due to several issues regarding unmet requirements from the bidders.
The islands that were put up for bidding this year are going at a starting rate of USD 200,000 with the highest acquisition costs set for lagoons in Kaafu Atoll Kaashidhoo and Faafu Atoll Nilandhoo with the acquisition cost going at USD 2.2 million for 10 hectares in each area.
The lowest acquisition costs in this year’s biddings are USD 200,000 to USD 500,000 for islands in Haa Alif Atoll, Thaa Atoll, and G.Dh Atoll. Other than the USD 2.2 million bid for lagoons in Kaafu Atoll Kashidhoo and Faafu Atoll Nilandhoo, the highest bids are Olhufushi and its lagoon in Thaa atoll, Gaafu Dhaalu atoll, Fereythavilingili, and the three neighbouring islands, which are sold together going at USD 700,000 and Medhufushi island in Haa Alifu atoll going for USD 875, 000.
The Ministry of Tourism has announced that the bids of these islands will be up until March 21, 2023, the Maldives might see the development of several new resorts in the coming years as some of these islands are sure to be acquired by big-name brands to kick-start their business in the tropical paradise - the Maldives.
