Dublin, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The "Maldives Country Report 2024: Spotlight on Tourism, Construction and Real-Estate" country profile has been added to ResearchAndMarkets.com's offering.
The Republic of Maldives in the Indian Ocean, made up of more than 1,100 coral islands, is blessed with a spectacular geography which has resulted in its evolution as a paradise for tourism. The country is at an advantage in terms of attracting visitors, including celebrities and billionaires, from all corners of the world. Since the industry's beginning in 1972, the natural splendour of the Maldives has spurred tourism growth as the primary driver of the economy. The cross-pollinating nature of tourism and the role it plays in the economy becomes apparent when we note that this sector contributes a large percentage to many economic indicators.
The country has also evolved a rich social and business culture and continues to attract much talent as it leads the region with sustained economic growth. Despite being one of the most tourism dependent economies in the world, the archipelago has managed to swiftly shrug off recent external shocks and make great strides in its GDP growth rates in recent years.
According to the World Bank, real GDP is expected to grow by 6.5% in 2023. A total of 1,878,537 arrivals were recorded in 2023 which represents the highest number of tourist visits in the island's history. This remarkable achievement is made despite a notable decline in arrivals from several European markets. The latter has been compensated for by a resurgent Russian market as well as from China reopening for outward travel. However, risks to global travel remain given the evolving geo-political landscape. Moreover, as the world emerges from a period of inflation, further volatility greets 2024 as conflicts and trade disruptions loom on the horizon. Hence it is more important than ever to have a deep and timely understanding of both local and global developments.
This report highlights three key areas; tourism, construction and real estate.
The report examines the current and future health of the country's economy and includes a detailed look at hospitality, construction and real estate as these three sectors are closely entwined and interdependent. They are also the primary driver of FDI into the Maldives. For example, ongoing mega-infrastructure projects like the Greater Male Connectivity project and the Velana airport expansion have a direct and tangible impact on all three sectors.
Where real estate is concerned, there have been recent concerns on the impact of recent government policies such as the Binveriya scheme as well as a sharp rise in apartment stock in Hulhumale. More specifically, investors and property owners have aired concerns on the potential impact this could have on apartment values and rental yields. Using property databases that span ten years, the report takes an insightful look at the potential impact of these developments on the current and future property market.
The report is aimed at quenching the thirst for reliable and timely economic analysis and market intelligence on the part of local and international business leaders, investors, resort developers and property developers. The contents will also be of value to policymakers, the corporate world, academia and generally anyone interested in learning more about the past, present and future of this fascinating economy that is unique in so many ways.
Key Topics Covered:
1. MACROECONOMY AND INVESTMENT ENVIRONMENT
1.1 Tourism continues to spur GDP
1.2 Sector-wise growth
1.3 Inflation in check
1.4 Exchange rate: Pegged to stability?
1.5 The external sector
1.6 FDI Recovers
1.7 Reserves in good health
1.8 Risks on the horizon
2. THE TOURISM SECTOR
2.1 The primary driver
2.2 Accommodating growth
2.3 Underlying trends
2.4 Tourism taxes
2.5 Cross-country comparisons
2.6 Outlook and risk assessment
3. CONSTRUCTION SECTOR
3.1 Demand drivers
3.1.1 Tourism infrastructure
3.1.2 Infrastructure development
3.1.3 Housing
3.1.4 Environmental challenges
3.2 Challenges
3.2.1 Topography and environmental impacts
3.2.2 Remoteness
3.2.3 Market conditions
3.3 International players
3.4 Regulatory environment
3.5 Expansion trajectory
4. REAL ESTATE IN THE MALDIVES
4.1 Landscape ensures market incline
4.2 Commercial office property
4.3 Retail property
4.4 Bare lands
4.5 Apartments: Has supply caught up with demand?
5. RESIDENTIAL APARTMENTS IN MALE
5.1 Supply
5.2 Demand Drivers
5.2.1 High Net Worth Individuals (HNWI)
5.2.2 Diaspora
5.2.3 Foreigners and Expats
5.2.4 Investors
5.3 Rental market
5.4 Market Forecast
6. HULHUMALE - THE GAME CHANGER
6.1 Background
6.2 Investor-driven
6.3 The infrastructure drive
6.4 Supply - a steep curve
6.5 Demand
6.6 The rental market
6.6.1 Significant supply additions from 2024-2027
6.6.2 Impact of land policy
6.6.3 Impact on rental yields
6.6.3.1 Urbanisation
6.6.3.2 Demand from expats will continue
6.6.3.3 Infrastructure development drive
7. INVESTING IN THE MALDIVES
7.1 FDI culture
7.2 Investing in the Maldives
7.2.1 Foreign direct investment
7.2.2 Foreign portfolio investment
7.3 FDI application process
7.4 Available routes for foreign investment
8. OUTLOOK AND FORECAST
For more information about this country profile visit https://www.researchandmarkets.com/r/2jpwtf
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