Maldives holds world’s first ‘Private Islands Auction’ | Daily News

Maldives holds world’s first ‘Private Islands Auction’

In a bid to help revive its tourist-driven economy which suffered greatly because of the pandemic, the Ministry of Tourism in the Maldives is planning to put up 16 of its islands for auction. The islands will be sold with 50-year leases for successful bidders.

There is a catch however, as successful bidders must commit to building island resorts in order to help bring in tourists and contribute to the country’s dwindling economy. If you were looking to have your own private island in the Maldives, you’ll have to keep looking as the leases are strictly for the construction of resorts or hotels.

For those who wish to place a bid, they have to obtain the relevant documents and get things in order for the auction. International bidders will also have to pay US$3250 for an application and then place their bids on their preferred location by 10 June.

Once successful, construction of the resort must begin within 36 months. In addition, each project has to respect the area’s pristine natural environment and follow a set of guidelines when building. According to Ali Shinan, Director of the Ministry of Tourism’s planning section, these include ensuring that no buildings are built above tree height, and that no trees are felled during the process of construction without the express permission of the Ministry’s planning section. Should one happen to be cut down, it is also stipulated that two must be planted in its place to preserve the natural ecosystem as much as possible. (www.luxuo.com)