Hankede, Gaafarufalhu designated for real estate tourism

Southernmost Addu City's Hankede and K. Gaafarufalhu have been designated for the government's real estate tourism project.

President Ibrahim Mohamed Solih on Thursday issued two decrees which state that the two islands have been leased to a government-owned company, Maldives Fund Management Corporation. The two islands will be developed for tourism purposes by the company - Gaafarufalhu under a Private Island model, and Hankede under Integrated Tourism model.

Real estate tourism was introduced in the Maldives following amendments to the Tourism Act. It allows the government to lease islands and lagoons developed under integrated tourism projects. It also allows 'second homes' to be leased to foreigners from private islands for long periods.

The government expects to generate a revenue of MVR 154.2 million through real estate tourism this year.