Buying Property in Ras Malé: Leases, Foreign Buyers and Eagle Hills

Ras Malé is mainly a public housing project, but part of it is being opened to private investment. If you're wondering whether you can buy there, the short answer is: not freehold, and not yet. This guide explains how property rights work in the Maldives, what has been announced for Ras Malé, and what to check before committing any money. It is general information, not financial or legal advice.

Who owns the land?

All of Ras Malé is state land, reclaimed by the government through the Housing Development Corporation (HDC) and its contractors. Article 251 of the Maldives constitution says that no part of Maldivian territory can be owned by foreigners. Land can be leased to foreign parties for up to 99 years.

That rule was briefly relaxed. In July 2015, parliament amended Article 251 to let foreigners who invested more than US$1 billion own land in a project where at least 70% of the land was reclaimed from the sea. No land was sold under that amendment, and parliament unanimously repealed it in April 2019. The ban on foreign ownership and the 99-year lease limit are back in force today.

The Eagle Hills waterfront

On 21 September 2026, the Abu Dhabi developer Eagle Hills signed a commercial terms agreement with the government for a waterfront and marina development in Ras Malé. Here is what has been published so far:

• Size: about 500 hectares of the roughly 1,100 hectares being reclaimed, according to the President and the Finance Minister.
• Value: reported at US$12 billion, with Eagle Hills' chairman and the government saying it could reach US$20 billion across all phases.
• What's planned: hotels, branded and premium homes, a marina, shops and restaurants, and schools and healthcare.
• How homes are sold: on leases of up to 99 years under Maldivian law. Eagle Hills says each sale or inheritance starts a fresh lease of up to 99 years.
• The state's share: the government says it will receive 10% of sales revenue, a 4% levy on property transactions and tourism GST, with no loans, sovereign guarantees or tax breaks for the developer.
• Housing first: the Housing Minister has said Eagle Hills will build 5,000 three-bedroom homes in Hulhumalé before starting work in Ras Malé, funded upfront by Eagle Hills and deducted from the state's 10% share.

The agreement covers only the main commercial terms. The detailed contract, the master plan, the construction timetable and the financing haven't been published.

Can foreigners buy in Ras Malé?

Foreigners will be able to buy a lease on a property in the Eagle Hills district, not the land itself. In practice, that means:

• You would hold the right to use the property for the lease term, up to 99 years. The state keeps ownership of the land.
• According to Eagle Hills, if you sell or leave the property to your heirs, the new holder would get a fresh term of up to 99 years. This reset has been criticised by opposition politicians, who argue it amounts to a near-permanent sale. Ministers say no land is being sold.
• The government says it will approve buyers.

There's no published price list, sales launch or registration process yet. Be cautious about anyone taking deposits or "reservations" for Ras Malé property before Eagle Hills and the government announce an official sales process.

The Housing Minister has said buyers' payments for off-plan homes will be held in escrow accounts at Maldivian banks licensed by the Maldives Monetary Authority, and released to the developer as construction progresses. Resales must also go through licensed Maldivian banks.

Does buying come with residency?

Not automatically. The Housing Minister has said Ras Malé buyers would be eligible for the existing corporate resident visa, which is open to investments of US$250,000 or more and lasts five years, renewable. He also said there's no route to permanent residency or citizenship.

A separate residency-by-investment scheme, the Pearl Residence programme, is being developed with Henley & Partners. As of October 2026 it hadn't launched, and its terms hadn't been set. In June 2026, the President denied that any part of Ras Malé would be included in it.

What about Maldivians?

For most Maldivians, the way into Ras Malé is the government's Housing for All scheme, which allocates land plots of 1,250 square feet to eligible applicants rather than selling them on the open market. Applications for the first round closed in June 2026, with 22,575 people applying for plots. Our Ras Malé housing guide explains who qualified and what happens next.

Families who receive a plot will need to finance building a home on it. Bank of Maldives has cut the down payment on its home loans from 20% to 5%. Check current terms with the bank.

Costs to expect

Prices for Ras Malé homes haven't been published, so any figure you see online is an estimate. Costs that have been announced or set in law:

• A 4% levy on property transactions, which the government has described as part of the Eagle Hills model. Separately, a November 2025 amendment to the Special Economic Zones Act introduced a property transfer tax of up to 4% for "sustainable township" projects. It hasn't been confirmed whether these are the same charge.
• Visa fees, legal fees and, for leasehold homes, any service charges set by the developer.

Questions to ask before you commit

• Is the seller authorised by Eagle Hills or the government, and is the sale registered with the relevant authority?
• How long is the lease, what happens at the end of it, and is the reset on resale written into your contract?
• Which laws govern the sale? Analysts expect further amendments on land, foreign ownership and residency.
• When will your plot or building be finished? Reclamation was expected to finish at the end of 2026, and the government says the wider city will take about 10 years. See our Ras Malé timeline.
• What are the service charges, and who maintains roads, power and water?

Speak to a lawyer licensed in the Maldives before signing anything. We'll update this guide when prices, a sales process or new laws are announced. Sign up for our monthly update to hear first.

The debate

The Eagle Hills deal is controversial in the Maldives. Supporters, including the government, say it brings investment, jobs and state revenue without public borrowing. The government and Eagle Hills project more than 54,000 jobs and over a million visitors a year once the district is complete. Critics question whether 500 hectares should go to one developer when housing demand is so high, and point to the lease-reset clause and the agreement terms that haven't been published. The government says housing commitments to Maldivians won't be affected. We'll report on both sides as details emerge.