Maldives is a tropical country in the Indian Ocean, which became a popular holiday destination for families looking for an exotic getaway from their everyday. This article will discuss what those who visit the Maldives need to know about the cost of living to make the most of their budget while they are visiting.
History of Maldives
The Maldives is an archipelago of more than 1,200 small coral atolls and islands in the Indian Ocean. The country’s history dates back over 2,500 years to when it was settled by people from the South Asia region. The Maldives became a British protectorate in 1888 and achieved independence in 1965. The Maldives became a republic in 1978. The country has been ruled by a president since 2008.
Maldives relies heavily on tourism for its economy and has made efforts to diversify its economy away from tourism. However, the sector still contributes almost 60% of the GDP. Agriculture and fishing are also important sectors of the economy, with approximately 30% of GDP coming from these activities combined.
The average monthly wage in Maldives is about US$250 per month, which is low compared to wages in other countries in the region. The cost of living is high, with food being especially expensive. Housing is also expensive, with an average home costing US$270,000. Healthcare is relatively affordable, however, except for dental care which is very expensive. Transport costs are high due to the lack of reliable public transportation options.
Benefits of Living in Maldives
- World-Class Tourism:
Maldives has long been known for its beautiful beaches and crystal-clear waters, making it one of the most popular tourist destinations in the world. The island nation has hundreds of islands with a variety of landscapes, ranging from sandy beaches to lush coral reefs.
- Incredible Natural Beauty:
Maldives is home to more than 1,200 coral atolls and 50 UNESCO World Heritage Sites. The islands are also noted for their diverse flora and fauna, which include more than 350 species of birds and 100 types of fish.
- Safe Environment:
Aside from being one of the safest countries in the world, Maldives is also rife with security benefits. With no major urban centers or highways that could be targeted by terrorists, living here is extremely safe. Crime rates are so low that many ex-pats have nicknamed it “Paradise Island.”
- Excellent Healthcare:
Numerous medical facilities are available in the Maldives, making it one of the best places to receive treatment abroad. Furthermore, since healthcare is free for citizens and government employees, it’s one less expense you have to worry about when living here on a budget.
Maldives’ Gross Domestic Product
Maldives’ Gross Domestic Product (GDP) in 2016 was estimated at 1,475 million US dollars. Maldives’ GDP per capita in 2016 was estimated at 327,000 US dollars. Maldives ranks 116th out of 190 countries in terms of GDP and 131st out of 178 countries in terms of GDP per capita.
The cost of living in the Maldives is high compared to the rest of the world. The average price of goods and services is much higher than what people can find on the island nation. This includes everything from food to rent to transportation. To make ends meet, many Maldivians have to work multiple jobs or rely on remittance payments from family back home.
Despite the high cost of living, there are still ways for Maldivians to save money. For example, many people opt to live without air conditioning or cable TV service to limit their expenses. Additionally, many businesses do not charge extra for credit card transactions or cash advances, which makes it possible for people to get by without having a lot of cash on hand.
Different Costs of Living in Maldives
Cost of Feeding
The average cost of feeding a family of four in the Maldives is around US$2 per day. This includes both food and water. The majority of families live on a subsistence level, meaning that they cannot afford to purchase more expensive foods or drink. They must instead rely on what they can grow or find in the local market.
Maldives is a very expensive place to live. According to data from the World Bank, the average cost of living in Maldives is 124% higher than the global average. This higher cost of living is due in part to the high cost of food and water. The average family in Maldives spends around US$2 per day on food and nearly US$5 per day on the water. This amounts to over US$8,000 per year.
Cost of Accommodation
The cost of accommodation in the Maldives ranges from under $10 per night for budget options to over $100 per night for luxury resorts. Many hotels and resorts offer discounts during peak season, making it a good option to book well in advance.
Accommodation can also be rented on an hourly basis or furnished through villas and apartments. A few popular vacation destinations, such as Male and Hulhumale, have plenty of options for both budget-minded travelers and those looking for luxurious accommodations.
Cost of Insurance
The average cost of living in the Maldives is high, but the cost of insurance can be even more expensive. The country has a mandatory social security program that includes health, pension, and unemployment insurance. The cost of medical care is also high in Maldives. A single trip to the doctor can easily rack up over $100 in bills.
Insurance premiums are also expensive in Maldives because of the country’s limited crop production and reliance on tourism. Additionally, many locals work in the tourism industry, which means they are at risk for theft and accidents while on vacation. To protect themselves, many people purchase travel insurance as well as insurance specifically designed for the Maldives.
Cost of Healthcare
The cost of healthcare in Maldives is high compared to other countries in the region. Healthcare is not a universal right, and people must pay for it out of their own pockets. The average healthcare cost in Maldives is around US$800 per year. This amount does not include any insurance premiums or other associated costs.
There are few options for affordable healthcare in Maldives. A government-run hospital can be expensive, and many people opt to travel abroad for treatment. There are also several private hospitals available, but they tend to be more expensive than public facilities. Patients with basic medical needs may be able to find affordable care through local clinics or private practitioners, but those requiring more extensive treatment may need to seek assistance from outside the country.
Living in the Maldives can be a luxurious experience, but it is also expensive. This stunning island nation has some of the most beautiful beaches and crystal clear waters in the world, but you’ll need to budget for housing, food, transportation, and other expenses.