The conflict  is driving diesel and jet fuel costs to record highs and pulling arrivals down 24% YoY since the crisis.

Yet markets and players are finding their footing, with China and Russia/CIS emerging as leading feeder markets and operators adjusting pricing to absorb elevated seaplane charges.

ADR held resilient across the board — up 14% YoY market-wide and 16% in the luxury segment — highlighting a widening bifurcation between luxury and the broader market.

For a more detailed look at our Q1 2026 Maldives update and an in-depth consultation on unlocking value from your asset, please get in touch with our CBRE Hotels Asset Management team in Asia, Chris Ely and Qinyuan Sun.