President Mohamed Muizzu revealed today that while Rasmalé is being leased to UAE-based Eagle Hills for 99 years, Maldivians will only be able to reclaim the properties by purchasing them back.
Speaking on state broadcaster PSM’s "The Pulse" program, Muizzu said that buyers of properties in Rasmalé will hold them for a 99-year term. Following this period, he noted that the owners would be required to sell the properties back to the government.
"Under this investment, those purchasing the developed properties are buying them for a 99-year duration. They must then sell them back to the government; the state will acquire them. If the government then chooses to sell to another party, it will do so," he revealed.
Muizzu further clarified that even if an owner wishes to sell a Rasmalé property before the 99-year lease expires, it must be sold back to the government. He emphasised that the state would retain the authority to decide on any resale.
"Since this is a 99-year purchase, if it is to be sold to someone else before the term ends, it must be sold to the government. The government then holds the right to transfer ownership to another party once again," he added.
While the government maintains that Rasmalé is being leased to Eagle Hills for a fixed 99-year term, Eagle Hills has previously stated that if a property is sold or gifted before the initial period ends, a new 99-year lease term would commence.
"Properties here will be leased for 99 years under Maldivian law. If the rights to these properties are sold or inherited, a new 99-year lease term will begin. This ensures that the properties remain with the buyers for many generations," Eagle Hills stated.
Housing Minister Abdulla Muththalib, who signed the agreement on behalf of the government, had also previously suggested that property ownership in Rasmalé would be in perpetuity.
"The property itself belongs to the buyer, while the land remains the property of the Maldivian state. If the property is sold or inherited upon death, the transfer occurs subject to government review and approval," he said.
However, the government’s current stance is that neither the land in Rasmalé nor any property purchased there will be available to any individual for a period exceeding 99 years.
Discrepancies also remain regarding the investment scale. While the government claims Eagle Hills will invest $20 billion in Rasmalé, the company said its investment stands at $12 billion. Eagle Hills Chairman Mohamed Alabbar later clarified that the $20 billion figure represents the projected total value of the project upon completion.
