Prices of the islands and lagoons announced

The prices to lease islands and lagoons without a bid process have been announced by the Tourism Ministry.

According to the announcement by the Ministry, the most expensive leases are the islands and lagoons from Alifu Dhaalu, Alifu Alifu and Malé atolls. And so an island of ten hectares of would be sold to USD 6.6 million while a lagoon from the Malé atoll would be sold for USD 500,000.

The regulation to lease islands and lagoons without a bid process was made after a recent change to the tourism law by the Parliament. Although the prices of the islands and lagoons have been announced, the islands up for sale this year have not yet been announced.

The Ministry announced that islands from Haa Alifu, Haa Dhaalu, Shaviyani, Gaafu Alifu, Gaafu Dhaalu, Gnaviyani and Seenu atolls would be sold at a rate of USD 125,000 per hectare. And an island of ten hectare from those atolls would be sold for USD 1,250,000.

No premium fees have to be paid for islands from those seven atolls to build a resort. But the islands for other atolls, a premium between USD 250,000 - 600,000 has to be paid.

Aside from the islands, the Ministry has announced the prices for lagoons as well under which four sizes of lagoons would be sold. Lagoons between 15-50 hectares are now up for sale. The most expensive atolls to buy lagoons are Alifu Alifu atoll, Alifu Dhaalu atoll and Malé atoll.

A lagoon of 15 hectares from Malé atoll would be sold for USD 20 million while a lagoon of 25 hectares would be sold for USD 30.8 million along with a lagoon of 35 hectares for USD 41 million and 50 hectares for 51.2 USD million.