The Maldives Lifts Ban Allowing Foreign Ownership

The Maldives are a favorite travel destination for Russians, which account for over 20 percent of tourists visiting the country annually, said Paul van de Camp, chief executive of Dutch Docklands, a Netherlands-based construction company specializing in development of real estate that actually floats. Their business model aims to not only persevere, but actually take advantage of global warming trends, that foresee water levels rising over the coming years.

In 2010, Dutch Docklands agreed to establish a joint venture with the Maldivian government to build water-fronted properties in the Indian Ocean that would include a complex of oceanfront villas, an entire golf course that floats on the surface of the water, a floating hotel and a group of individually designed islands. The construction of the project is expected to kick off within the next few weeks, said Van de Camp, who came to Moscow for the first time last week to meet potential buyers for those properties.

"They love the Maldives, the quietness, the nature, and it's very important that they have money to spend there," he said, adding that the island country was one of the world's most expensive tourism destinations.

He said his company was testing the waters in Russia after a bundle of high-profile businessmen expressed interest in buying the floating islands Dutch Docklands will build in the Maldives.

"We wanted to see what the Russian buyers are looking for in the Maldives, and we found out that they are interested in very exclusive properties that nobody else has," van de Camp said.

He also said that about 15 potential customers from Russia considering purchasing a private island in the Maldives had approached his company since the beginning of this year. He declined to specify their names, citing confidentiality.

Dutch Docklands, which claims to have a 300-year experience in buoyant construction, offers customers private floating islands in the Maldives that would be designed and built according to their own specifications. The parameters a buyer can set include the size of the property, the facilities and the infrastructure, like a villa and a boat berth.

Prices for the floating islands to be built in the Maldives will start from $10 million apiece, with the size ranging from 1,000 square meters to 3,000 square meters, van de Camp said, adding that his company plans to build and sell about 20 floating islands.