Israeli citizens cannot buy, sell, or lease any property from any project in the Maldives: President Muizzu

Israeli citizens will not be able to buy, sell, or lease any property from any project in the Maldives, President Dr. Mohamed Muizzu has stated.

President Muizzu made these remarks while speaking today on the President’s Office program "The Plus."

He stated that the government will draft a "Real Estate" law in the near future and will cap the percentage of people belonging to any single nationality.

"We will introduce a Real Estate Act within a short period. People belonging to a single nationality, we will limit them to a specific percentage. What we have decided is that citizens of any single country can comprise a maximum of 25 percent. Citizens of a single country cannot exceed that," President Muizzu said.

He further stated that Israeli citizens, in particular, will not be allowed to reside in Ras Malé, and that citizens of that country will not be able to buy, sell, or lease any property from any project.

"Israeli citizens will not be able to buy, sell, lease, or engage in any such transaction regarding any property from this project or any other project in the future. We will block that through the law."

President Muizzu also noted that there will be no limits for Maldivians, and that Maldivians will have the opportunity to purchase all properties in Ras Malé if they wish to do so.

Furthermore, he highlighted that middle income and higher income Maldivians earn enough to afford properties in Ras Malé.

Among the properties being developed in Ras Malé by Eagle Hills, a 1,000-square-foot property is priced at $600,000.

In the agreement for this project being carried out by the government, signed by the Minister of Construction and Infrastructure, Dr. Abdulla Muththalib, and the Chairman of Eagle Hills, Mohamed Alabbar, the estimated total value across the project's various phases reaches $20 billion.

The government estimates that this project will create more than 54,000 jobs and generate $2 billion annually in tourism revenue.