Addu’s Hankede and Gaafaru lagoon to be developed for real estate tourism

Hankede in Addu city. (Sun Photo/Fayaz Moosa)

Addu City’s Hankede and the K. Gaafaru lagoon have been designated for real estate tourism. 

According to a decree signed by President Ibrahim Mohamed Solih on Thursday, Hankede and Gaafaru lagoon have been leased to Maldives Fund Management Corporation – a 100 percent state-owned enterprise - for development. 

K. Gaafaru lagoon.

Maldives’ Tourism Act dictates that an island, lagoon or land area developed for integrated tourism must a location designated by the government for a tourism real estate development project, and that the location must be leased for development to a 100 percent state-owned enterprise via a presidential decree. 

The move comes after the Economic Minister Fayyaz Ismail announced that the government intended to diversify the Maldivian economy and expand real estate sector.