Country Report – Maldives 2019

From a research and consulting perspective, an upward incline in the market is always good news but also carries with it the demand of hard work, greater requirements on knowledge and data as well as rising competition. Following a stable year for the Maldivian economy and real estate industry the future promises to be exciting and filled with opportunity.

With the completion of key infrastructure projects this year, thousands of Maldivians are enjoying a new reality that is transforming the lives of people as well as businesses. Since our last Maldives Country report, the most notable change has taken place in Hulhumalee which is now connected by road to the capital Male. Phase I of the man-made island has been in existence for many years now but the landscape has completely changed in very recent times. Once an island that was connected to the airport by road and by ferry or speed-boat to the rest of the archipelago, Hulhumalee was mostly a mix of small tourist guesthouses catering to transit tourists, plots of land that were construction sites and other plots of bare lands waiting to be developed.

However, today, the island is buzzing with new commercial offices, residential apartments, retails malls, hospitals, new schools and a host of other social and economic infrastructure that is catering to a growing population. Phase II of the Hulhumalee project is currently at an advanced stage and continues to attract interest from investors and developers from the region and beyond. If Phase I of the project is anything to go by, then we can expect more amazing developments to take place in the coming years.

In this report, we continue to offer our readers the benefit of our research that closely monitors the Maldivian market by using a wide range of primary and secondary research tools. We hope you find this report to be useful as a macro-economic review and analysis of the economy and real estate market in the Maldives.