The First Auction of Private Islands in the World – Unique Opportunities in the Maldives

Investors were given the chance to place bids at what was the first auction of private islands in the world held in the Maldives in June 2021; 16 private islands and clusters in various atolls were auctioned off on a 50-year lease. It was a measure taken by the government to get the nation’s economy back on track following the global COVID-19 pandemic. There were several clauses attached to those who made a successful bid as well.

This included the commitment to build a resort of some sort on the island, while 36 months were given to start construction of the property that had to be sustainable and eco-friendly too. Additionally, those who invested a minimum of $250,000 were eligible to obtain a resident visa for five years. Luxury travel to resorts on private islands continues to be a key allure for tourists; a Maldives ocean villa with a pool is popular at properties such as Naladhu Private Island Maldives and is amongst the accommodation options the new island owners can look to have as well.