Published on and written by Cyril Jarnias
A nation of picture-perfect archipelagos, the Maldives is no longer just the domain of honeymoons. In just a few years, the country has become a full-fledged real estate market, intersecting with residential projects, luxury resorts, co-owned villas, guesthouses, and urban buildings in Malé and Hulhumalé. In this rapidly evolving landscape, a handful of local agencies and platforms play a key role in guiding buyers, investors, and expatriates. Some are ultra-specialized in resorts and investments, others focus on urban housing or homes on inhabited islands, while still others concentrate on valuation and technical consultancy.
In the Maldives, the legal framework is primarily based on long-term leasing rather than classic land ownership. Therefore, it is crucial to clearly understand the roles and level of professionalism of the different local real estate agencies to avoid mistakes, especially since this market is both very small in size and carries considerable stakes.
A unique real estate market, between tourism and land scarcity
The Maldives consists of approximately 1,190 coral islands spread across 26 atolls, but only a fraction of this puzzle is actually buildable or already developed. Over 130 islands are dedicated to resorts, while demographic pressure is concentrated mainly on Malé and the wider urban region (Malé, Hulhumalé, Vilimalé). In these few square kilometers, prices are soaring and projects are intensifying, supported by economic growth largely driven by tourism.
Maximum duration, in years, of land leases that can be granted to foreign investors in the Maldives.
In this context, local agencies are at the heart of the mechanism: they know how to distinguish what is eligible for foreigners, what is reserved for nationals, what falls under simple leasing or condominium ownership in a resort-integrated residence, or what depends on the Integrated Tourism model (mixed-use developments with a residential component). They also navigate the registration obligations with the Ministry of Economic Development, lease rules, government approval requirements, and due diligence practices.
How to identify a good local real estate agency in the Maldives
Before zooming in on the top players, it is useful to understand what differentiates a truly professional agency from a mere opportunistic intermediary. The Maldivian market has been structured around a system of licenses issued to agents and agencies, with a specific registration number (e.g., MV-REA-XXXX). Several indicators help gauge the seriousness of a player.
The first step is to check the agency’s license and its number of years of experience, an important criterion in a market where regulations have evolved significantly. The second criterion is the agency’s specialization (urban residential properties, local islands, resorts, or investment assets), as a clear specialization indicates a better grasp of the legal and commercial nuances of the segment.
Client testimonials, even when they concern services that are close to but not strictly real estate (for example, high-end travel agencies like ADORE Maldives), highlight how much intimate knowledge of the terrain, the ability to physically visit and inspect locations, and personalized support make the difference. In real estate, the same principle applies: a good local agent doesn’t just post listings online; they know the islands, projects, developers, and authorities.
The core group of local real estate agencies
Among the mosaic of identified players, a group of agencies stands out for its structured local presence, its licenses, and clear specializations. They cover most of the inhabited territory and offer a coherent range of services, from the sale of urban apartments to the transfer of resorts and land for development.
Ocean Estate: the residential reference in Malé and Maafannu
Ocean Estate operates in the nerve center of the archipelago, the Maafannu district in Malé, within the Kaafu atoll. The agency holds license MV-REA-1023 and has seven years of experience. Its activity register emphasizes residential properties, apartments, and luxury real estate. In other words, Ocean Estate is at the convergence point between local housing demand and the growing appetite for high-end units in the capital, where price per square foot is already very high.
One of its strengths also lies in its human capital: a professional like Aisha Rasheed, associated with the agency, benefits from seven years of practice in this specific segment. In a market where urban rents for a three-bedroom in the center can average over 25,000 rufiyaa per month and purchase prices exceed 4,000 rufiyaa per square foot in central sectors, this level of specialization is valuable. Ocean Estate is thus on the front line to assist both Maldivians and expatriates in acquiring or renting in the city.
Table – Ocean Estate Profile
| Element | Detail |
|---|---|
| Location | Kaafu, Malé, Maafannu |
| License | MV-REA-1023 |
| Experience | 7 years |
| Specialization | Residential, apartments, luxury |
| Notable profile | Aisha Rasheed, licensed agent |
BlueKey Realty: the expert in new developments in Hulhumalé
Hulhumalé, a vast urban extension project northeast of Malé, concentrates some of the country’s modernization ambitions. This is where BlueKey Realty, located in Phase 2 of Hulhumalé (still in the Kaafu atoll), has chosen to establish itself. The agency, holder of license MV-REA-1088, claims five years of experience and a specialization in new projects, condominiums, and leasing.
This orientation towards recent developments places it at the heart of urbanization dynamics led by companies like the Housing Development Corporation. Modern residences, condo towers, and mixed-use buildings abound there, with products aimed particularly at the urban middle class and expatriates. BlueKey Realty thus positions itself as a privileged interface between these projects and the end occupants or buyers.
Table – BlueKey Realty Profile
| Element | Detail |
|---|---|
| Location | Kaafu, Hulhumalé, Phase 2 |
| License | MV-REA-1088 |
| Experience | 5 years |
| Specialization | New projects, condominiums, leasing |
Island Homes: houses and land on local islands
Outside the Malé region, real estate takes on a completely different dimension: on inhabited islands, it’s not necessarily about ostentatious luxury, but rather family homes, land, and small buildings adapted to local needs. Island Homes, based in Eydhafushi in the Baa atoll, perfectly illustrates this segment. The agency, holder of license MV-REA-0971, combines nine years of experience with a clear focus on houses, land, and properties located on local islands.
This expertise is useful for Maldivians wishing to build or expand on their native island, as well as for investors interested in the growing segment of guesthouses and accommodations on inhabited islands, linked to more localized tourism. The agency can also serve as an interface for sustainable projects, particularly in the Baa atoll, a UNESCO biosphere reserve.
Table – Island Homes Profile
| Element | Detail |
|---|---|
| Location | Baa, Eydhafushi, Central |
| License | MV-REA-0971 |
| Experience | 9 years |
| Specialization | Houses, land, local islands |
Resort Assets: the gateway to resorts and major investments
For investors looking at the Maldives as a capital-intensive destination – resorts, hotels, integrated complexes – Resort Assets is one of the most relevant local players. Based in Mahibadhoo, in the Ari atoll, the agency displays license MV-REA-0811 and eleven years of operation, making it one of the most seasoned in the country.
Its specialty covers resorts, investments, and commercial real estate. In other words, Resort Assets is precisely at the contact point between investment funds, hoteliers, developers, and the Maldivian regulatory framework that reserves this type of project for specific regimes, with 50-year leases, joint-venture structures, and development obligations. In a strategic atoll like Ari – known for its tourist islands and dive spots – this expertise translates into a fine knowledge of available islands, government leases, and opportunities for taking over or redeveloping existing resorts.
Table – Resort Assets Profile
| Element | Detail |
|---|---|
| Location | Ari, Mahibadhoo, Haruge |
| License | MV-REA-0811 |
| Experience | 11 years |
| Specialization | Resorts, investments, commercial real estate |
Harbor Realty: commercial and office real estate in the south
Fonadhoo, the capital of the Laamu atoll, is home to Harbor Realty, an agency focused on commercial properties, offices, and retail. Equipped with license MV-REA-1142 and six years of experience, the agency positions itself in a niche often underestimated when talking about the Maldives: professional spaces, small shopping centers, administrative or service offices, essential for the functioning of an extended island economy.
With the economic growth of Addu and atoll capitals, Harbor Realty meets the growing demand for professional premises by connecting entrepreneurs, brands, banks, and operators with suitable spaces in these booming areas.
Table – Harbor Realty Profile
| Element | Detail |
|---|---|
| Location | Laamu, Fonadhoo, Miskih Magu |
| License | MV-REA-1142 |
| Experience | 6 years |
| Specialization | Commercial, offices, retail |
Sand & Sea Realty: beachfront villas and vacation rentals
Finally, in the Raa atoll, in Ungoofaaru (North sector), Sand & Sea Realty has chosen to bet on what the Maldives does best: beachfront properties, villas, and short-term rentals. This agency, the youngest in the group with four years of experience and license MV-REA-1220, focuses its activity on waterfront properties and seasonal rentals.
It caters both to owners looking to rent out their villa to capture a high yield – rental income on well-located villas can easily exceed 8 to 10% gross – and to buyers interested in mixed use, both personal and rental. Raa, like other emerging atolls, combines tourist appeal with land that is still less saturated than Malé or the most sought-after atolls, making it fertile ground for buy-renovate-rent strategies.
Table – Sand & Sea Realty Profile
| Element | Detail |
|---|---|
| Location | Raa, Ungoofaaru, North |
| License | MV-REA-1220 |
| Experience | 4 years |
| Specialization | Beachfront, villas, short-term rentals |
Platforms and nationally-focused players
Beyond physical agencies, the Maldivian market is seeing the emergence of online platforms and structures with national or international reach, which act as meta-agents by aggregating the offerings of many local agencies.
Boahiyaa.com: the Maldivian real estate portal
Boahiyaa.com has established itself as a hub for owners and those looking to buy or rent. The site allows users to find an apartment for rent in Hulhumalé, land for sale in Vilimalé, or an entire small island for lease transfer. Its scope of action notably covers Malé, Hulhumalé, Vilimalé, but also other islands across the country.
The Boahiyaa.com site allows users to post properties for sale and browse listings for various assets, including apartments, land, and entire islands. In the fragmented archipelago of the Maldives, composed of 26 atolls and many inhabited islands, this centralized platform facilitates transactions. It does not replace local real estate agencies but complements them by offering an accessible showcase, serving as a starting point for property searches or for contacting brokers.
Premium Maldives Properties and other global platforms
An entity operating under the name Premium Maldives Properties claims to have over 500 properties, more than 50 expert agents, and coverage of 20 atolls. This type of structure functions as a network: it aggregates listings, highlights certain properties – like a four-bedroom beachfront villa listed for $2.8 million – and relies on agents spread across the atolls.
Platforms like JamesEdition, Sphere Estates, or intermediaries for major brands (e.g., Christie’s) offer high-end properties in the Maldives (private islands, resorts, villas). Although they are not local agencies, they work with on-the-ground correspondents to manage viewings, legal aspects, and coordination with authorities.
The importance of professional valuation: the country’s first RICS firm
Another indicator of the sector’s professionalization is the emergence of a local firm regulated by the Royal Institution of Chartered Surveyors (RICS). This firm, which employs Chartered Valuation Surveyors and registered valuers, presents itself as the first and only RICS-regulated structure in the Maldives. It claims over a billion dollars in assessed asset volume, more than 100 completed projects, and a geographical coverage of 58 islands.
For international investors, a valuer compliant with RICS standards and IVS norms is strategic. It secures value analysis, financing, and transaction structuring. This expertise is particularly decisive for evaluating complex resorts (villas, restaurants, spas…), as it allows for precise modeling of their income potential and resale value.
Powerful developers in the background of agencies
Alongside agencies and platforms, a constellation of developers and construction companies shapes the real estate landscape: Housing Development Corporation in Hulhumalé, Apollo Holdings, Damas, Rainbow Construction, Amin Construction, Galleon, Muni Enterprises, Batch Construction, Keystone International, and many others. Some have delivered iconic projects like beachfront residences, residential buildings in Malé, or resorts sold to international hotel chains.
The Islanders Group Pvt Ltd illustrates the experience and diversification of a local player. With thirty years of activity, its portfolio includes apartments in Malé, beach residences in Hulhumalé, guesthouses on Dhiffushi Island, commercial buildings in Malé, and it has even developed and transferred entire resorts to international operators. This partnership with local agencies, which get early access to projects and organize sales for local and foreign clients, is a common marketing model.
Why local agencies are indispensable for foreigners
For a foreign investor, the temptation may be strong to rely solely on a major international platform or a brand-name resort’s sales service. Yet, local agencies play an irreplaceable role, for several structural reasons.
First, the Maldivian legal framework is dense and specific: the Constitution prohibits direct land ownership by non-Maldivians, long-term leases (50 to 99 years) must be approved and registered, sectors reserved for nationals are numerous, and investment residency schemes follow precise conditions. An agency that works daily with ministries, the land registry, and local players will be better equipped to warn about a risky structure, an imbalanced lease clause, or a project outside areas open to foreigners.
The practical evaluation of islands (tides, soil quality, erosion, infrastructure, accessibility) and their vulnerability to rising sea levels requires on-the-ground expertise held by local agents, which has become a condition for prudent investment.
Finally, local agencies are at the heart of relational networks – developers, local banks, municipalities, property management providers. In a country where the market size sometimes limits exit options, being introduced to the right contacts can make the difference between a liquid investment and a hard-to-sell asset.
Concrete examples of segments covered by local agencies
To measure how these agencies position themselves, one only needs to look at a few examples of properties and market segments, and match them with the agency profiles.
Price in millions of dollars for a seven-bedroom house over 2000 m² listed for sale in Malé.
On resort islands or in peripheral atolls, it is rather agencies oriented towards investment and beachfront properties, like Resort Assets or Sand & Sea Realty, that intervene. Resorts listed for sale by companies like Romolini Immobiliare – a 114-villa complex in the Noonu atoll, or a Barefoot Hideaway resort in the North Ari atoll – involve price tags in the tens of millions of euros. For these operations, a local agency specialized in resorts is essential to navigate between the master lease, obligations with the Ministry of Tourism, and environmental due diligence.
Specialists for the development of small hospitality structures on islands
Agency that steps in for the creation of guesthouses and small structures, knowledgeable about urban plans, construction rules, and community practices.
Suited for local entrepreneurs and small investors aiming for high rental yields on guest rooms.
Management, yield, and the role of agencies
For properties like villas or resorts intended for rental, agencies and management companies play a determining role in financial performance. Management fees for luxury properties in the Maldives generally range from 10 to 15% of gross revenue, sometimes with additional marketing, maintenance, or regulatory compliance fees.
For efficient rental management, it is essential to track indicators like occupancy rate (often aiming for 75%+ for premium villas), average daily rate, growth in net income, customer satisfaction, and speed of maintenance request handling. Contracts should include bonus-malus mechanisms, cost caps, trial periods, and clear exit clauses – elements that experienced agencies know how to negotiate.
The art of choosing your agency in the Maldives
In such a specific market, choosing an agency is not just about comparing commissions. Several points of caution emerge from observed practices in the country.
The first step is to check the agency’s license (type MV-REA-XXXX) and its duration of activity. An agency like Resort Assets, with eleven years of experience in resorts and investment, does not bring the same depth of network as a newly created intermediary. Sector specialization is just as important: an investor targeting a commercial asset in Fonadhoo will be better off working with Harbor Realty than with an agency squarely focused on vacation villas.
Advice for choosing a real estate agency
Communication is another key criterion. In a country where transactions often involve documents in English and exchanges with several administrations, an agent’s ability to communicate clearly, respond promptly, and document the steps is crucial. Some international intermediaries, like Boscacci Tassilo at Attica Immobilier Sarl, highlight their command of several languages (English, French, Italian), which facilitates interactions for European clients. On the Maldivian side, familiarity with foreign languages remains an asset appreciated by investors.
The example of Premium Maldives Properties, which offers over 500 properties spread across 20 atolls, illustrates a broad and geographically diverse offering. Conversely, a small agency specializing in a single atoll will offer hyper-localized expertise. The choice between these two models depends on the investor’s project: to prioritize diversification or focus on a very specific market.
When real estate dialogues with tourism: an intertwined ecosystem
In the Maldives, real estate cannot be separated from tourism. The same atolls that host residential villas or urban apartments also house five-star resorts. Companies like Soneva, which were pioneers in selling residences to foreigners within resorts, illustrate this gradual shift between tourist accommodation and private housing. Soneva Fushi on Kunfunadhoo Island, Soneva Jani on Medhufaru, or projects like Baccarat Maldives or Zamani Islands combine ultra-luxurious hotel services, private villas, and rental programs generating income.
That’s the price in millions of dollars for an island manor, among the highest amounts publicized by specialized platforms.
Nevertheless, even in these very international operations, the final validation belongs to the Maldivian authorities, and local agencies remain an essential link for everything related to practical permits, day-to-day management, recruitment, island logistics, or ancillary services.
A profession in the process of structuring
In just a few years, the real estate agent profession in the Maldives has changed its face. The proliferation of licensed agencies, the rise of professional valuation with an RICS firm, the appearance of national platforms like Boahiyaa.com and broader networks like Premium Maldives Properties testify to a desire to structure a market long dominated by informal relationships and opportunistic transactions.
The professionalization of the real estate sector is driven by three key elements: significant growth in asset volumes (which can reach hundreds of millions of dollars), the diversity of international buyers demanding transparency and compliance, and the strengthening of regulation by authorities to combat money laundering, due to the high value and complexity of transactions.
For local agencies, this translates into a rapid skill upgrade: better understanding of international standards, alliances with specialized law firms, training in valuation and reporting tools, and strengthened dialogue with financial and tax regulators.
Conclusion: a small country, but a market for experts
The Maldives, often perceived as a simple vacation backdrop, now hosts a sophisticated real estate market, where urban apartments, village homes, luxury resorts, private islands on long-term lease, and villas integrated into international hotel brands coexist. In this landscape, a few licensed local agencies – Ocean Estate, BlueKey Realty, Island Homes, Resort Assets, Harbor Realty, Sand & Sea Realty – form the backbone of a professional network that knows how to navigate between national legal constraints, the fragmented geography of the atolls, and the expectations of an increasingly global clientele.
To buy, rent, or invest in the Maldives, it is essential to rely on trusted local players. This includes national platforms like Boahiyaa.com, broad-coverage networks like Premium Maldives Properties, and valuation firms regulated by RICS. These players bring visibility, data, and technical expertise. To avoid missteps in this unique market, verify their licenses, understand their specialties, and build a relationship of trust with them. It’s a basic condition for a successful transaction.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
