Island and lagoon lease acquisition fees announced for 2016
The Government of Maldives has announced the lease acquisition fees for 2016 for the leasing of islands and lagoons for tourism development.
As per the announcement published on the Government Gazette on Tuesday, 10 hectare islands and lagoons ranging from 15 hectares, 25 hectares, 35 hectares and 50 hectares are to be leased.
With Ibrahim Nasir International Airport and other urban facilities in close vicinity, Kaafu Atoll is the most expensive area, with island acquisition fees of USD 6.6 Million for 10 hectares of land and lagoon acquisition fees ranging from USD 20.7 Million to USD 51.2 Million for a 15 hectare and 50 hectare area respectively.
Kaafu atoll is the prime location for tourism development with over 43 resorts currently in operation.
The second most expensive areas include the regions of Ari Atoll. The cost of 10 hectares on Islands of Alif Alif and Alif Dhaalu would set back an investor by USD 5.8 Million and USD 5.5 Million respectively, while a lagoon in both Alif Alif and Alif Dhaal atoll ranges from USD 18.5 Million to USD 46 Million for a 15 hectare and 50 hectare area respectively.
The regions of Ari atoll, with its close vicinity to Male’ Atoll and its own domestic airport at Maamigilli, along with key attractions like the South Ari Atoll Marine Protected area proves to be the fastest booming area apart from Male’ atoll. At present 29 resorts operate in the greater Ari Atoll.
The least expensive areas are the northern and southern most atolls. The cost of 10 hectares on islands of Thiladhunmathi atoll would set back an investor by USD 1.3 Million, while a lagoon in both Haa Alif and Haa Dhaal atoll ranges from USD 6.2 Million to USD 15.3 Million for a 15 hectare and 50 hectare area respectively.
The atolls of Thiladhunmathi sees only 3 resorts currently in operation, though the atoll sees a heavy traffic of passing yachts, that docks daily in the northern most atolls of the atoll. The atoll is also part of the government’s iHavan project which will see yacht marinas, commercial ports and an integrated resort development project, if completed.
Prices are similar in the Southern atolls of Addu, Fuvahmulah, Huvadhu and Haddhummathi to that of the islands of Thiladhunmathi Atoll.
Details of the lease acquisition fees can be found at: http://www.gazette.gov.mv/iulaan/view/50443