If you’re someone who loves the sun, the sea, and the sand, then the Maldives is undoubtedly a destination that’s on your bucket list. With its crystal-clear waters, palm-fringed beaches, and luxurious resorts, it’s no wonder why so many people dream of visiting this island paradise.
But have you ever wondered if it’s possible to take things to the next level and actually buy a resort in the Maldives? In this article, we’ll explore whether or not buying a resort in the Maldives is a feasible option for those with deep pockets.
Can Foreigners Buy Property in the Maldives?
Before we dive into whether or not you can buy a resort in the Maldives, let’s first address another question – can foreigners even buy property in the Maldives? The answer is yes and no.
According to Maldivian law, foreigners are not allowed to own land in the country. However, they can lease land for up to 99 years. So technically speaking, it is possible for foreigners to own a resort in the Maldives – but they would be leasing the land that it’s built on.
What Are The Costs Involved?
Assuming that you have your heart set on buying a resort in the Maldives despite not being able to own land outright as a foreigner, let’s move on to discussing what kind of costs you can expect. Firstly, it’s worth noting that resorts in the Maldives are not cheap. According to data from 2019 by STR Global – a company that provides market insights into various sectors including hospitality – average daily rates for resorts in the Maldives were around $720 USD per night.
Now let’s talk about some of the other costs involved with owning a resort. Firstly, there’s obviously going to be an upfront cost involved with purchasing an existing resort or building one from scratch.
This is going to be a significant expense and will depend on factors such as the size of the resort, its location, and the facilities it offers. In general, you can expect to pay several million dollars at a minimum.
But that’s not all – you also need to consider ongoing costs such as maintenance, staffing, utilities, and marketing. It’s safe to say that running a resort in the Maldives is not for the faint of heart or light of wallet.
So Can You Buy a Resort in the Maldives?
It’s clear that buying a resort in the Maldives is not something that’s within reach for most people. The costs involved are astronomical, and there are various legal and logistical hurdles to overcome as well. However, if you’re someone who has deep pockets and is willing to take on the challenge of running a luxury resort in one of the world’s most beautiful destinations, then it is technically possible.
Conclusion
To sum up, while it’s technically possible for foreigners to own resorts in the Maldives by leasing land from locals or businesses, it’s not something that’s feasible for most people due to the high costs involved. However, if you’re someone who has ample financial resources and possesses an entrepreneurial spirit, then owning a resort in this island paradise might just be achievable.