Ras Male’ granted in perpetuity; new term to commence even after 99 years: Eagle Hills

Eagle Hills has announced that properties in Ras Male’ will be available for 99-year leases, with the lease term resetting upon inheritance.

The Maldivian government has signed a commercial framework agreement with UAE-based Eagle Hills to develop "Maldives Waterfront and Marina," a brand-new integrated island destination within the Ras Male’ area.

In a statement published on its website regarding the agreement, Eagle Hills described the initiative as one of the largest development projects of its kind in Maldivian history.

Eagle Hills has announced that properties at this destination will be available under long-term leasehold agreements in accordance with Maldivian law, for a maximum duration of 99 years. Furthermore, the developer highlighted that every time ownership is transferred through a sale or inheritance, the 99-year leasehold period will reset, ensuring permanent security for property owners across multiple generations.

Furthermore, the company stated that it will establish a comprehensive environment offering world-class hospitality alongside premium branded residences, a marina, and waterfront promenades. This integrated development will bring together dining, retail, wellness, education, healthcare, and community facilities under one roof.

A conceptual rendering of the "Maldives Waterfront and Marina" to be developed in Ras Male’. | Eagle hills

Eagle Hills has stated that the project will be developed on the land already reclaimed in Ras Male’, confirming that the company will not be undertaking any further land reclamation activities.

Commenting on the project, Eagle Hills Chairman Mohamed Alabbar stated that the Maldives is a unique nation of unparalleled natural beauty, holding a special place of distinction across the globe.

The Maldives is a nation of unparalleled natural beauty, holding a unique and prestigious position on the global stage. Our objective is to harness this influence with utmost responsibility to create a destination that is truly world-class in every sense.

Mohamed Alabbar

Minister of Infrastructure, Housing and Urban Development, Dr. Abdulla Muththalib, highlighted that this represents the largest investment program in Maldivian history, noting that foreign investments totaling billions are expected to flow through the national banking system.

Foreign investments worth billions will flow through our banking system, creating jobs, providing housing for Maldivian families, and generating direct revenue for the state from every sale. Furthermore, this will be achieved without granting tax incentives or the government incurring any debt.

Dr. Abdulla Muththalib

Eagle Hills stated that this project will establish a robust real estate sector in the Maldives and provide significant momentum toward the national goal of becoming a high-income economy by 2040.