The Maldives is a tropical country in the Indian Ocean, which has become a popular holiday destination for families looking for an exotic escape from their daily lives. This article will discuss what those visiting the Maldives need to know about the cost of living to make the most of their budget during the visit.
The history of the Maldives
The Maldives is an archipelago of more than 1,200 atoms and small coral islands in the Indian Ocean. The country’s history dates back more than 2,500 years since it was settled by people from the South Asian region. The Maldives became a republic in 1978. The country has been run by a president since 2008.
The Maldives rely heavily on tourism for their economy and have made efforts to diversify their economy away from tourism. However, the sector still contributes almost 60% of GDP. Agriculture and fisheries are also important sectors of the economy, with about 30% of GDP coming from these activities combined.
The average monthly salary in Maldives is about US$250 per month, which is low compared to wages in other countries of the region. The cost of living is high, where food is particularly expensive. Housing is also expensive, with an average home costing $270,000. Transportation costs are high due to the lack of reliable public transport options.
The Benefits of Living in Maldives
- World-class tourism:
The Maldives has long been known for its beautiful beaches and crystal clear waters, making it one of the world’s most popular tourist destinations.
- Incredible natural beauty:
The Maldives is home to more than 1,200 coral atoms 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 species of fish.
- Safe environment:
As well as being one of the safest countries in the world, the Maldives is also rife with security benefits. Without major urban centers or highways that could be targeted at terrorists, living here is extremely safe. Crime rates are so low that many previous ones have dubbed it “Paradise Island.”
- Excellent health care:
Moreover, since health care is free for citizens and government employees, it’s one less expense you have to worry about when you live here on a budget.
Maldives Gross Domestic Product
The Maldives Gross Domestic Product (GDP) in 2016 was estimated at US$1.475 million. The Maldives’ per capita GDP in 2016 was estimated at US$327,000. The 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 in the island nation. That includes everything from food, and rent to transportation. To make ends meet, many Maldivians have to work multiple jobs or rely on remittance payments from family at home.
Different costs of living in the Maldives
- Cost of nutrition
The average cost of feeding a family of four members in the Maldives is about $2 a day. This includes both food and water. Most families live with a standard of living, meaning they are unable to buy more expensive food or drinks. Instead, they have to rely on what they can grow or find in the local market.
The Maldives is a very expensive place to live. According to World Bank data, the average cost of living in the Maldives is 124% higher than the global average. This higher cost of living is partly due to the high cost of food and water. The average family in the Maldives spends about $2 a day on food and nearly $5 a day on water. That amounts to over $8,000 a year.
- Housing Costs
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 in advance.
Accommodation can also be rented for hours or furnished in villas and apartments. Some popular holiday destinations, such as Male and Hulhumale, have many options for both budget-minded travelers and those looking for luxury accommodation.
- Insurance Cost
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 insurance, pensions, and unemployment. The cost of medical care is also high in the Maldives. A single trip to the doctor can easily rack up over $100 in bills.
Insurance premiums are also expensive in the Maldives due to the country’s limited crop yield and dependence on tourism. In addition, many locals work in the tourism industry, meaning they are at risk for theft and accidents during the holidays. To protect themselves, many people buy travel insurance as well as insurance specially created for the Maldives.
- Healthcare costs
The cost of healthcare in the Maldives is high compared to other countries in the region. Healthcare is not a universal right and people should pay it out of their pockets. The average cost of healthcare in the Maldives is about US$800 a year. This amount does not include any insurance premium or other associated costs.