Maldives property for foreigners: Eagle Hills plans a $12bn waterfront city on 99-year leasehold

Abu Dhabi developer Eagle Hills will build Maldives Waterfront and Marina, a resort city in the Maldives worth about $12 billion. The commercial terms were signed with the government in September 2026. Homes will be offered to foreigners on long leases of up to 99 years.

What exactly will be built in the Maldives?

An island city in Ras Malé, an urban area being created in the Fushi Dhiggaru lagoon about 17 minutes by speedboat from the capital, Malé. It will combine hotels, premium and branded residences, a marina, promenades, shops, restaurants, schools and clinics.

• Scale: about $12bn; some reports cite up to $20bn across all phases.
• Visitors: more than 1 million a year once complete.
• Tourism revenue: more than $2bn a year.
• Construction start: targeted for Q1 2027.

The agreement also provides for 5 000 homes for Maldivian families, funded by the development. The government calls it the largest investment in the country's history.

Can a foreigner buy a home there?

Yes, but not freehold. Property will be sold under a leasehold framework governed by Maldivian law, for terms of up to 99 years. A new term begins on each transfer, whether by sale or inheritance.

That is a real difference from Dubai, where foreigners get full ownership in freehold zones. A 99-year lease that renews on transfer is close to ownership in economic terms, but it remains a contract with the state, not a title.

Who is Eagle Hills?

Eagle Hills is a private Abu Dhabi developer chaired by Mohamed Alabbar, the founder of Emaar. It builds resort and city projects outside Dubai, from Sharjah and Abu Dhabi to Europe and Africa.

In the UAE its projects include Ramhan Island in the capital and Maryam Island in Sharjah. We covered the overseas push of Emirati developers in DAMAC in Miami, Eagle Hills in Budapest and Sobha in the US.

Should an investor look at this project?

There is nothing to assess yet: no prices, no floor plans, no handover dates for the first homes. Commercial terms have been signed, not a sales launch. First keys are years away.

When sales open, the checks differ from Dubai's: how buyers' money is protected before completion, who registers the rights and in which currency payments run. The Maldives has no Dubai-style escrow regime or Land Department.

How this differs from buying in the UAE

In Dubai an off-plan buyer is protected by escrow and contract registration, and rental income is untaxed. Resort property abroad is a different class of risk: income depends on a single tourist flow and on the operator.

If the aim is a waterfront home under familiar rules, the nearest alternative from the same developer is Ramhan Island in Abu Dhabi.

Frequently asked questions

How much is the Eagle Hills project in the Maldives worth?

About $12 billion; some reports give up to $20 billion across all phases.

Where is Maldives Waterfront and Marina?

In Ras Malé, in the Fushi Dhiggaru lagoon, about 17 minutes by speedboat from the capital, Malé.

Can foreigners own property in the Maldives?

In this project, on leases of up to 99 years under Maldivian law. A new lease term begins on each sale or inheritance.

When will construction start?

The developer is targeting Q1 2027. Prices and handover dates have not been announced.

Want a waterfront home from the same developer under UAE rules? Open the Eagle Hills page for its projects in Abu Dhabi and Sharjah.