Pres: Rasmalé property buyers under 99-year lease must resell to Maldivian govt

President Dr. Mohamed Muizzu has stated that properties purchased under the Rasmalé development project, undertaken in partnership with UAE-based Eagle Hills, will be granted on 99-year leases, emphasizing any resale of the properties, whether during the lease period or upon its expiry, can only be to the Maldivian government.

Speaking on the programme The Pulse, the President stressed that the Maldivian government would retain full control over properties in Rasmalé. He explained that if an owner wishes to sell a property before the 99-year lease expires, it must be sold back to the government, which will retain the final authority to decide whether ownership can be transferred to another party.

The President said the government’s decision to undertake a project of this scale on part of Rasmalé was primarily driven by the need to provide housing solutions to citizens as quickly as possible.

"Purchasers of properties developed through the Rasmalé investment are acquiring them for a 99-year term, after which they must sell them back to the government. The government will then decide whether to sell them to another party. The Maldivian government maintains full control over this," the President stated.

Describing the project as crucial to developing the entirety of Rasmalé within a short period, the President drew comparisons with the development of Hulhumalé. He noted that before the construction of the Sinamale Bridge, Hulhumalé had attracted little significant investment and was regarded primarily as a "dormitory town." He stressed that the government’s approach to national development should extend beyond such a model.

Responding to allegations that the Rasmalé project could facilitate foreign settlements that threaten national security, the President dismissed the claims as disingenuous attempts to spread fear and distort facts for political gain.

The President also categorically stated that activities contrary to Islamic principles would not be permitted in Rasmalé, reiterating that the public practice of religions other than Islam would not be allowed anywhere in the Maldives.

Emphasising that safeguarding the country’s stability and interests is a responsibility shared by all citizens, the President reiterated the government’s vision of transforming the Maldives into a fully developed nation by 2040.