The Maldives government is auctioning off 16 of the 1190 islands that make up its archipelago to private developers.
The post The Maldives Government Will Hold the First Auction of Private Islands in the World appeared first on LUXUO.

Image Credit: Courtesy of Adam Lisan on Unsplash

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 on 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.
Image Credit: Courtesy of Jailam Rashad on Unsplash

For those who wish to place a bid, they have till 6 June 2021 to obtain the relevant documents 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 10June, 10am local time. Apart from the raw value, bids will also be assessed on other details of the submitted proposals. These include aspects such as the resort?s potential carbon footprint, and staff gender parity. Once successful, construction of the resort must begin within 36 months...