Maldives Tops 2.25 Million Arrivals in 2025, Revenue Hits US$5.6 Billion

The Maldives welcomed 2,246,516 tourists in 2025, surpassing the government's annual target of 2.2 million and marking a 10% increase on 2024, according to the Maldives Monetary Authority's Annual Report 2025.

The figure stands 32% above pre-pandemic levels, reflecting a sustained recovery that has reshaped the industry's scale compared to 2019.

December set an all-time monthly record, with 224,455 arrivals, overtaking the previous peak from February 2024. Both the first and final quarters of 2025 posted the strongest performances on record for their respective quarters.

Revenue Rises Sharply

Total travel receipts are estimated to have reached US$5.6 billion in 2025, up from US$4.8 billion in 2024. That represents a 16% annual increase and a 76% rise compared to pre-pandemic levels of 2019. The services account surplus, of which travel receipts form the core, grew to US$4.0 billion from US$3.1 billion the previous year.

The MMA attributed the revenue growth to strong inflows from European source markets, which historically spend more per visit than other regions.

Europe Dominant, China Rebounds

Europe accounted for 59% of total arrivals in 2025. Russia held its position as the top single European source market at 12% of total arrivals, a one percentage point increase on 2024. The United Kingdom was second at 9%, followed by Germany and Italy, both at 7%.

The Asia and Pacific region accounted for 31% of arrivals, with China retaining its status as the single largest national source market overall, at 15% of total arrivals, up two percentage points from the prior year. India held steady at 6%.

Bednights Lag Behind Arrivals

Despite the headline growth in arrivals, total tourist bednights only expanded by 2% in 2025. The divergence reflects a structural shift in the accommodation mix. Guesthouse bednights rose 16%, while resort bednights fell by 1%. Average length of stay dropped to 7.0 days from 7.4 days in 2024.

The figures suggest that a growing share of arrivals are choosing guesthouses over resorts, a trend consistent with the broader expansion of the guesthouse sector.

Supply Grows Across Both Segments

The number of operational resorts increased to 175 by end-2025, up from 170 at end-2024. Guesthouses grew from 869 to 877. Overall bed capacity for the industry rose by 4%, adding 2,627 beds compared to the previous year, and now stands 36% above pre-pandemic levels.

Despite higher capacity, overall industry occupancy edged down to 58% from 59% in 2024, remaining six percentage points below 2019 levels.

The Velana International Airport contributed to the infrastructure expansion with the opening of a new international terminal in July 2025. The terminal can handle 7.5 million passengers annually. By December 2025, all international flight operations had been moved to the new facility.

2026 Outlook Clouded

The strong 2025 performance comes with a significant forward caveat. Arrivals in the first two months of 2026 grew 10% year-on-year, but March 2026 saw a 21% year-on-year decline, driven by disruptions to air connectivity from European markets following airspace closures over key Gulf hubs amid the conflict in the Middle East.

Growth forecasts for 2026, which had been projected at 4.8% to 5.3% real GDP growth, are expected to be revised downwards. The MMA noted that the closure of the Strait of Hormuz has also raised energy prices and threatens to push domestic production costs and inflation higher. Whether the European connectivity disruptions prove temporary or persist through peak season will determine how the 2026 numbers shape up.