Cost of Living in the Maldives – The Numbers
(*Updated November 2024) Friendly people, a safe environment, white sandy beaches, shiny and blue shades of water, and incredible marine animals attract millions of tourists every year. It’s no wonder why so many people worldwide want to move to the Maldives.
If you are one of those, who have decided to relocate to the Maldives, the first thing is figuring out general expenses once you get there.
SDC International Shipping has prepared this article to provide the information you need to know about the cost of living in the Maldives. We hope it will help you get ready to take root on one of the islands of this archipelago country.
The Maldives in Comparison to the US Cities
One of the first things to consider is how much US dollars will be equivalent to Maldivian Rufiyaa, how far it gets you, and the handling charges you need to pay to exchange your money.
Especially if you will be paid in US dollars, you’ll have to deal with currency exchanges pretty often.
Unfortunately, most banks and hotels with money exchange services tend to uprate the fees to increase their profits.
The only dedicated exchange counter in the Maldives is at the Bank of Maldives Foreign Exchange in the airport’s arrival hall.
The Currency
After exchanging your money, you’ll receive Maldivian Rufiyaa (MVR), commonly referred to as laari and represented by the currency symbol Rf. As of November 2024, one U.S. Dollar is equivalent to approximately 15.45 Rufiyaa.
The table below contrasts some basic costs of living in the Maldives and major U.S. cities, providing a general picture of everyday expenses.
| Location | 1-Bedroom Apartment (City Center) | Meal for 2 in a Mid-Range Restaurant | Transportation Monthly Pass |
|---|---|---|---|
| Maldives (Malé) | 13,944.44 Rf ($902) | 400.00 Rf ($26) | 350.00 Rf ($23) |
| New York | $3,308 | $100 | $129 |
| Los Angeles | $2,330 | $86 | $99 |
| San Diego | $2,394 | $80 | $75 |
| San Francisco | $2,990 | $100 | $84 |
| Houston | $1,467 | $60 | $40 |
| Dallas | $1,722 | $77.50 | $96 |
Source: Numbeo.com
The Most Expensive and Cheapest Islands in the Maldives
Islands across the Maldives can vary significantly in how expensive or affordable they are. See below the following list of the top expensive islands in the Maldives.
- Vilimale
- Hulhumale
- Male
Prices at local islands, such as Bidu Huraa and Addu City, are more reasonable.
Source: Livingcost.org
| Total Living Expenses in the Maldives | Average Cost |
|---|---|
| One person (without rent) | $1,286 per month |
| One person (without rent) | $15,432 per year |
| Family of four (without rent) | $2,841 per month |
| Family of four (without rent) | $34,092 per year |
Understanding potential earnings is essential when considering the cost of living. Salaries in the Maldives vary widely depending on the industry and position. The chart below provides an overview of average monthly salaries in various sectors:
Source: Paylab.com
| Industry | Average Salary (MVR) | Average Salary (USD) |
|---|---|---|
| Information Technology | 32,181 | $2,083 |
| Electrical and Power Engineering | 21,973 | $1,422 |
| General Labor | 15,600 | $971 |
| Human Resources | 24,044 | $1,553 |
| Economy, Finance, Accountancy | 23,136 | $1,498 |
| Customer Support | 18,150 | $1,175 |
| Car Industry | 20,379 | $1,319 |
| Banking | 25,379 | $1,643 |
| Administration | 17,354 | $1,123 |
| Construction and Real Estate | 23,102 | $1,495 |
| Marketing and Advertising | 22,185 | $1,436 |
| Management | 31,991 | $2,071 |
| Medicine and Social Care | 18,713 | $1,211 |
| Telecommunications | 24,693 | $1,598 |
Housing costs are a significant component of monthly expenses, typically comprising 30% to 50% of your budget. The tables below outline average monthly rent prices in Malé and Hulhumale:
Source: Numbeo.com
Rent in Malé
| Accommodation Type | Average Monthly Cost (MVR) | Average Monthly Cost (USD) |
|---|---|---|
| Small Apartment (City Center) | 13,944.44 | $902 |
| Small Apartment (Outside Center) | 10,625.00 | $687 |
| Large Apartment (City Center) | 24,125.00 | $1,561 |
| Large Apartment (Outside Center) | 20,857.14 | $1,349 |
| Internet | 1,387.50 | $90 |
Rent in Hulhumale
| Accommodation Type | Average Monthly Cost (MVR) | Average Monthly Cost (USD) |
|---|---|---|
| Small Apartment (City Center) | 13,666.00 | $884 |
| Small Apartment (Outside Center) | 10,000.00 | $647 |
| Large Apartment (City Center) | 30,000.00 | $1,942 |
| Large Apartment (Outside Center) | 28,000.00 | $1,812 |
| Internet | 1,387.50 | $90 |
Healthcare and Dental Costs in the Maldives
The Maldives has two major hospitals in Male that provide general and specialty healthcare services, surgeries, and advanced diagnosis: Indira Gandhi Memorial Hospital and ADK Private Hospital.
A public free healthcare coverage applies to expats legally residing in the Maldives. If you are a foreign worker, your employer will pay $6,500 per year for your coverage. It includes doctor’s visits, diagnostics tests, emergency hospitalization and treatments, prescribed medications, and some dental services.
However, it is recommended to have a private healthcare package to cover you in case of serious health issues, when a transfer to a hospital in another country is required, etc.
Malé, the capital city of the Maldives, is compact, allowing residents to walk to most destinations within approximately 15 minutes. While buses are available, they may not always be reliable. For inter-island travel, locals often use speedboats, and motorbikes are a popular mode of transportation within islands.
| Transportation and Vehicle Prices | Average Cost |
|---|---|
| Gasoline (1 liter) | 10.97 Rf ($0.71) |
| Monthly pass | 678 Rf ($44) |
| One-way ticket | 20 Rf ($1.29) |
| Taxi tariff (1 km) | 25 Rf ($1.62) |
| New Car (e.g., Toyota Corolla Sedan, Volkswagen Golf) | 516,666 Rf ($33,441) – 700,000 Rf ($45,307) |
Source: Numbeo.com
Education Costs in the Maldives
The Maldives offers a free public school system for children up to grade 12. For post-secondary education, costs are generally lower than in the U.S. Below is an overview of typical education expenses:
| Education Level | Average Cost per Child |
|---|---|
| Preschool/kindergarten per month | 2,412 Rf ($156) |
| International Primary School per year | 51,333 Rf ($3,323) |
| Bachelor’s program (6 semesters) at Maldives National University | 19,807 Rf ($1,282) |
Comfortable living standards vary among individuals. Many Maldivians consider 39,381 Rf ($2,549) per month for a family or 11,663 Rf ($754) per month for a single person, excluding rent, to be sufficient for a comfortable lifestyle. If you plan to retire in the Maldives, your retirement income may provide the financial comfort you seek.
Overall, while the Maldives is not the cheapest destination, its cost of living is generally lower than in the U.S. Expenses for groceries, dining out, housing, clothing, childcare, and entertainment are typically more affordable.
