Government earnings from tourism land rent in the Maldives experienced a steady rise in 2024, recording a 6.7 percent increase compared to the previous year, as highlighted in the Maldives Inland Revenue Authority’s (MIRA) Annual Report 2024. The total revenue collected from this sector reached USD 116.75 million (MVR 1.88 billion), surpassing both the previous year’s figure and MIRA’s own annual projection.
The 2024 revenue performance represents a 6.7 percent increase over the USD 110.25 million (MVR 1.76 billion) collected in 2023. It also exceeded MIRA’s forecasted figure of USD 110.25 million for the year by 7.4 percent, reflecting robust performance in one of the nation’s key revenue-generating sectors. Despite this positive development, the report noted that the collections still fall short of the higher revenue levels achieved in 2021 and 2022.
According to MIRA, the growth was primarily fueled by two factors: the commencement of lease payments by newly leased tourism properties and high levels of compliance by existing resort operators. Additionally, payments were successfully secured for a greater number of lease periods in 2024, contributing further to the upward trend in revenue collection.
Tourism Land Rent continued to serve as MIRA’s third-largest revenue source, following Goods and Services Tax (GST) and Income Tax, underlining the continued economic importance of the tourism sector to the Maldives’ fiscal framework.
Geographically, Kaafu Atoll emerged as the top contributor, generating MVR 542.45 million (USD 35.17 million), which accounts for 28.8 percent of total Tourism Land Rent revenue. Raa Atoll followed with MVR 260.47 million (USD 16.88 million), and Baa Atoll contributed MVR 201.01 million (USD 13.03 million), maintaining the same top-three ranking as observed in the 2023 report.
Among all atolls, Alifu Dhaalu Atoll posted the most substantial year-on-year growth, with a 41 percent increase in Tourism Land Rent, amounting to MVR 48.8 million. This rise reflects both the expanding footprint of tourism operations and the strategic importance of regional atolls in supporting the nation’s tourism economy.
As the Maldives continues to develop its world-renowned tourism sector, MIRA’s report reaffirms the pivotal role of resort land lease compliance and expansion in sustaining public finance. The strong performance in 2024 offers encouraging signals for continued recovery and future investment in the tourism industry.
For a full breakdown of the data and regional contributions, readers can refer to the Maldives Inland Revenue Authority’s Annual Report 2024 available on the official MIRA website.
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