The end of the year is already here and it’s time to breathe a huge sigh of relief when bidding goodbye to 2020 ! It is with prudence, but also with a small tingle of excitement, that we all look forward to starting a new year ... anticipating that it will bring its load of promises and hope for everyone. When reviewing 2020, I am sure you fully agree with me that it was a very challenging year for everyone, far and near.
Challenges lead to Adaptations and Record Results ! Beginning 2020, (...)
LATEST NEWS – GOVERNMENT OF MAURITIUS – NEW CABINET DECISION !
23 OCTOBER 2020
Cabinet has agreed to the introduction of a new Visa Scheme, to be called Premium Visa for a period of one year, renewable, to encourage eligible foreigners to come for a long stay in Mauritius, a COVID-safe destination.
The Premium Visa would allow non-citizens from countries listed in the Eighth Schedule of the Passport Regulations to come to Mauritius.
The new visa would target, amongst others, the following (...)
GOVERNMENT BUDGET 2020-21 : Real Estate related measures
Since the 31st May 2020, Mauritius has resumed its normal business activity after the end of the confinement was officially announced.
In this critical socio-economic climate, Dr the Honourable R. Padayachy, Minister of Finance, Economic Planning and Development delivered his first budget speech Thursday 5th June, followed by a week of parliamentary discussions. You will find below the measures relating to the real estate sector as (...)
With the world leaders meeting, discussing, and finding ways to ease the population back into the workforce and active life, there has been important amendements made to 56 laws in Mauritius.
Concerning the real estate sector, article 30 of the COVID-19 law (Miscellaneous provisions) relates to amendments to the law governing the rental of property (Landlord & Tenant Act) listed below, and granting a six-month moratorium on payment rent for those renting professional, commercial and (...)
L’Express Properties interviewed Philippe de Beer, the CEO of Park Lane Properties, about his views and vision for the Mauritian property sector following the Covid-19 pandemic.
The Coronavirus is all over the news, and each of us follows with the greatest attention, the many statistics and facts covered - in particular, concerning the consequences on global economy and real estate investments.
EP: How did you organize yourself when the Coronavirus crisis affected Mauritius? PDB: Our (...)
What is Force Majeure? A force majeure refers to the occurrence of an event which is outside the reasonable control of a party and which prevents that party from performing its obligations under a contract. Therefore, “La force majeure est un cas d’exonération de la responsabilité.”
The “test” for force majeure is an objective test which requires the satisfaction of two criteria:- (i) Imprévisible (dans la survenance de l’évènement)-Unpredictable (in the happening of the event) Whether the event (...)
20 March 2020
Dear Friends, Clients & Partners,
With the current global crisis, we know that many of you are experiencing incredible personal and professional challenges and some confusion. Our hearts go out to all of those of you, and your families, directly and indirectly affected. This pandemic is leading countries from all over the world to undergo extreme measures. In this crisis, we all have one priority: to contain the propagation of the virus and keep our families safe and (...)
A project to build a house depends, of course, on the acquisition of land. However, this cannot be done without giving it some thought and going through a process. The choice of the right residential land to build your villa is a decision that requires careful consideration for your real estate project. The ideal plot of land should meet a number of criteria related to its status to ensure you will be able to build on it. There are essential steps to take when embarking in the acquisition (...)
Investing in Mauritius has many advantages, whether you are a student, real estate investor or family relocating to this new country.
If you are a non-citizen, access to property is regulated and limited to certain areas and real estate projects. An agency specialized in the sale of such programs will be able to advise you. In some cases, the acquisition of real estate requires the financing by a banking institution that offers different loan offers. These loans are available to both (...)
Mauritius at a Glance
Over the years, Mauritius has crafted a strong growth-oriented developmental path which has enabled Mauritius to achieve one of the highest per capita income of Africa. Indeed, from USD 400 in 1968 when they obtained their independence, their development strategy has put them at the brink of becoming a high-income economy with a per capita income of around USD 10,000 today. Leveraging on its geographic strategic location and impressive economic trajectory, Mauritius (...)
Latest conditions for non-citizens when investing in guesthouses or tourist residences in Mauritius.6/11/19
A new government policy for investment in an existing guest house/tourist residence by a non‐citizen has just been released on the 25th September 2019. Such investment may now only be authorized on a case‐to‐case basis and only if the existing establishment is upgraded and the new project proposal meets the policy objectives of the Ministry of Tourism & Leisure and complies with very specific requisites as listed below by the same Ministry.
The term “New Guesthouse / Tourist Residence” (...)
The Government of Mauritius has proposed various schemes in which foreigners can choose to invest in real estate in Mauritius. Since the island has many business and tax incentives, foreigners are motivated to move to Mauritius for business and relocation purposes.
Buying a property, as an investment or for a family or secondary home, is easily available and highly sought after. The different schemes / programmes have been designed to facilitate the acquisition of residential and (...)
This October 2019, the Economic Development Board of Mauritius has published a communique concerning newly introduced advantages and conditions when non-citizens buy an apartment or penthouse in a Ground + 2 residential complex. That is, an apartment or penthouse which is in a building of at least two floors above ground floor.
This new exciting opportunity proposes a specific type of visa under specific conditions. This concerns any non-citizen who acquires an apartment for a price (...)
Activities around nature in Mauritius You have decided to go to Mauritius as part of your next vacation? It is a perfect choice as this country in the Indian Ocean is a destination most appreciated by many travelers. With a focus on family, Mauritius stands out for its unmatched conviviality. For your holidays, enjoy the various activities you will find around the island.
Swimming with dolphins Adults and children will certainly be delighted to meet wild and free dolphins. Why not go to (...)
In recent years, Mauritius has opened to foreign investment by setting up schemes and incentives to encourage and facilitate foreign direct investment. Several initiatives have been taken to allow foreigners to acquire real estate in Mauritius. The first real estate investment scheme was the IRS (Integrated Resort Scheme) launched in 2002, then the RES (Real Estate Scheme) in 2006. In 2015, the authorities combined various elements from the IRS and the RES under a new scheme, the PDS (...)
Reselling your property in Mauritius
Real estate is a booming sector in Mauritius for many reasons. Firstly because the Mauritian is inclined to want to become the owner of his home as soon as possible and prefers to repay a loan than to pay rent, and then, for non-citizens, because Mauritius offers them many advantages and benefits and among others : its favorable taxation, its tropical climate, the quality of life it offers, a diversified culture, excellent air transport connectivity, (...)
Mauritius, an interesting destination for expatriates- a country where life is good. Thanks to its many attractions, its breathtaking landscapes, the tropical climate that reigns throughout the year and its political and economic stability, more and more foreigners choose to come and live and invest on the island and enjoy the quality of life Mauritius offers.
French and South Africans are particularly interested in Mauritius as a destination to move to. The real estate market is (...)
When looking for a property to rent in Mauritius, some important aspects should be considered as a tenant. The signing of a rental lease agreement certifies the rights and obligations of both parties, namely the Lessee and the Landlord.
All the important details must be mentioned in this contract which must be carefully read so that everyone is aware of their rights and duties towards each other. The laws governing the renting of real estate are covered in the Civil Code of Mauritius, more (...)
When investing in real estate, there are many ways to make it a profitable investment, and one of them is to rent it out. In Mauritius, the rental property market is booming. Whether for houses, apartments or studios, the demand for long term rentals is there. They can come from Mauritians, expatriates or students. To properly rent out your property in Mauritius, it is important to know the market and be well accompanied.
The importance of the geographical location of the property Although (...)
Real estate investments are going well in Mauritius, but to sell your house or apartment, it is still necessary to evaluate your property.
An owner always wants the best price for their property and the buyer usually tries to negotiate a reduced price. However, evaluation requires objectivity. To do this, one must observe a number of criteria.
The location of the property The environment in which the property is located is the first criterion to be considered in the valuation of a (...)
Mauritius, a country where life is good. Thanks to its many attractions, its breathtaking landscapes, the tropical climate that reigns throughout the year and its political and economic stability, more and more foreigners choose to come and live and invest on the island and enjoy the quality of life Mauritius offers. French and South Africans are the first ones particularly interested in Mauritius. The real estate market is flourishing, but it is very important to be well accompanied in the (...)
The PDS programs represent an excellent opportunity for foreigners wishing to settle in Mauritius, whether as an individual or a company. The acquisition of a property within the framework of this scheme will make the buyers benefit from tax advantages in Mauritius. However, there are legal conditions for a person to officially acquire such property. In this article, you will discover the conditions of eligibility for the acquisition of a PDS property in Mauritius.
Acquire a PDS property (...)
Selling real estate represents considerable challenges, so it should be taken seriously. The approach is very complex, and it is of considerable importance that the real estate professional has an excellence knowledge of his sector, and all that surrounds it, to be able to accompany buyers in their search and find the right selling points that will convince a buyer, with honesty and objectivity.
It is a task that requires patience, determination, but also organization skills, a lot of (...)
Mauritius provides a favorable environment for any kind of investment, including real estate investment. While some buy property for resale, others are more interested in rental real estate. Mauritius is of great interest to this type of investor because it offers considerable benefits. IN this article, we invite you to discover good reasons to invest in rental real estate in Mauritius.
Rental real estate, a more profitable investment Investment in rental real estate is the operation by (...)
Mauritius represents an interesting destination for expatriates for many reasons. Whether they are looking for a new life or just motivated by an investment in real estate, foreigners have found in Mauritius the ideal place to settle. A wonderful quality of life, a good geographical location between Africa and Asia, tax benefits ... this island has it all. If you are looking for an interesting opportunity, here is one that you should grab as quickly as possible.
A very solicited investment (...)
For your serenity, Park lane Properties accompanies you in the management of your property by creating a new property management service
Property Management Services Park Lane has introduced Property Management Services to offer property owners peace of mind and a hassle-free approach to owning Real Estate.
By choosing the services of Park Lane Properties, a leading real estate professional, you will benefit from our knowledge and expertise in giving the best care to your investment. Our (...)
Foreigners seem to be strongly interested in Mauritius and this is understandable. An amazing environment, great lifestyle possibilities, a good location, an advantageous tax system, this island has it all. If it is wonderful to spend a holiday, many even consider acquiring real estate to enjoy its many advantages all year round. If you are one of them, here is all you need to know about buying a property in Mauritius
Acquisition of Freehold Property To allow foreigners to acquire real (...)
Mauritius is ranked among the most ethical countries in terms of taxation by the Organization for Economic Cooperation and Development (OECD). As such, it attracts many foreign investors. Companies, individuals or retirees, all come to benefit from the tax advantages offered by this island with dream landscapes. A flourishing real estate market, a booming economy, a stable political life, not to mention the advantages of a tropical climate, Mauritius is a flagship destination for (...)
Private sellers are often not familiar with the various techniques of selling real estate in Mauritius. Without the advice of an experienced real estate agent, it will be difficult for someone to prepare and sell their property. As a result, visits do not always go as planned. It is essential for the successful sale of real estate, that the property is well prepared for visits. In order to give you an idea of good practices to adopt during a real estate visit, we have listed what is (...)
For various reasons, many are tempted to leave their country to live in other places. And a lot of people are convinced to move to our island, once they have seen the beauty of Mauritius. It is no wonder, because it is a real jewel in the middle of the Indian Ocean. With the beautiful landscapes, diverse cultures, and good potential for development ... living on this island would be the envy of anyone. If you are one of those people, then discover the advantages of expatriation to (...)
A sale of property before completion (VEFA), also known as Purchase off Plan, consists of buying a real estate property off plan which has not yet been completed. This has become a trend in Mauritius since a few years now. When the deed of sale is signed, the buyer becomes the owner of the property under future completion. However, this kind of real estate transaction is not without risk, and it is important to remain vigilant.
The principle of the VEFA The off-plan sale known as VEFA (...)
Buying a real estate property is not to be taken lightly. It can be complicated if you do not know the steps to take. Also, you need a lot of information before you start, so as to avoid the inconvenience that can be caused. Although it is up to you to find the property of your dreams, you may need the services of professionals such as a professional real estate agencyand a notary for formalities. If you are tempted to buy property in Mauritius, you will need to follow the 5 steps below. (...)
Foreigners have been interested in buying a property in Mauritius since many years and particularly since the Government opened the right for non-citizens to buy property under specific schemes. In terms of real estate, Mauritius has interesting offers, whether you are interested to live here part of the year or permanently or as a real estate investment. However, this type of investment may involve risks. That’s why you need to know how to avoid the risks of investing in real estate in a (...)
When retirement comes, many want to leave France to live in a new environment. Beyond a simple vacation, retirees plan to settle more permanently in the tropics. For some years now, Mauritius has become the most popular destination for retired French people. And this is not surprising. One just needs to see this heavenly place to be convinced. Offering numerous appealing advantages, it is a place that provides a whole new lifestyle. Whether it is for fiscal or health reasons, or any other (...)
White sand beaches, clear turquoise blue lagoons, lush tropical vegetation, untouched natural beauty, a favourable all-year round climate, beautifully designed homes… It’s easy to see how investing in property in Mauritius is becoming more and more popular with the young and the not-so-young.
Many developments now offer sustainability, leisure, and commercial facilities, even schools, to complete the idyllic and privileged existence on one of the most beautiful islands in the world. “It’s (...)
"Investment in commercial spaces has become more attractive than residential properties"
Business Magazine, the weekly economic magazine of Mauritius, asks Philippe de Beer for professional real estate advice:
BM: What is your view on the evolution of the real estate sector since the beginning of the year? PDB: " The local real estate market remains very active. First of all, access to home ownership for an emerging middle class remains one of their primary objectives with access to (...)
After conquering the tourism, hotel and ecommerce sectors, customer reviews are now gaining the real estate market.
As individuals become increasingly demanding, industry professionals know not to underestimate their comments, or even capitalize on them. In a tense real estate market and with more and more volatile consumers, real estate professionals must offer an irreproachable customer service. When it comes to choosing a real estate agency to buy or sell a property, many individuals (...)
To seduce potential buyers and obtain the signature for the sale of your house or apartment, do not neglect the preparation of the sale.
Some tips from Park Lane Properties, leading real estate agency in Mauritius:
A property is constantly aging, deteriorating... it wears. Some equipment may no longer meet standards or meet current needs. Before you put the property on sale, it is therefore necessary to analyze all defects and the things that any buyer will want to redo if he considers (...)
When it comes to purchasing, many investors ask themselves whether they have made the right choice or the best investment. Each uses an evaluation grid that differs from one individual to another. But all too often this evaluation is not necessarily objective and is based on emotional criteria.
What are the key points not to neglect to make the right choice? Philippe de Beer, CEO of Park Lane Properties, leading real estate agency in Mauritius offers some insight.
Good preparation is (...)
The strategic developments of real estate agency Park Lane Properties in Mauritius In its pursuit of excellence and always striving to exceed customer expectations, Park Lane Properties as leading real estate agency in Mauritius has appointed Mr. Bruno Rochecouste as its new Executive Director, Strategy & Innovation. Achievement and results driven, Mr. Rochecouste comes with a proven track record in Financial Services, covering Banking, Wealth Management & Insurance across various (...)
Is Mauritius one of the best countries to emigrate? Looks like yes!
According to a study conducted by the international law firm Bradley Hackford - an entity specializing in tax and physical residence changes in attractive countries for their taxation and living environment - Mauritius is ranked 7th in the ranking of the least taxed countries in the world in 2017. A place of choice for an island that is still developing.
"For a foreigner, one of the best gateways to expatriate in a (...)
The dream of buying real estate in Mauritius It is fairly safe to say that when looking to invest, the first choice of investors, no matter their profile, is real estate. And with good reason too: it’s a secure and usually profitable investment; and often, a way to earn a regular income. Most importantly it’s a tangible investment, solid as a rock! However, the type of investment chosen varies greatly depending on the desires and plans of each investor. Here’s a quick overview...
The global (...)
CAP TAMARIN - THE SMART & HAPPY VILLAGE - THE PROJECT Imagine a place where you can savour each moment of every day! A place that allows you to live life to the fullest. A place where all the essentials are in close proximity. A place where adventure is a stone’s throw away. A place where people of all ages and cultures live together. A great place you can call home! An extension of the village of Tamarin and developed over an area of 44 hectares, Cap Tamarin is the smart village of (...)
I Want to Be a Home Owner in Mauritius! Most Mauritians, like people from all over the world who have fallen in love with the island, dream of buying a house in Mauritius. Synonymous with success and heritage, i.e. leaving behind a gift for one’s children, or motivated by a desire to emigrate, the purchase of real estate is a project many people hope to get a good return on investment. Even more so when that property is in Mauritius, a country known for its idyllic way of life and political (...)
Mauritius attracts Rs 10.6 billion in Foreign Direct Investment ...
During the first three quarters of 2016, Foreign Direct Investment has amounted to nearly Rs 10,6 billion (over US$ 286 m), compared to Rs 7,2 billion for the corresponding period in 2015, representing an increase of 46,8%. Over 69% (Rs 7,5 billion) have been represented by Real Estate activities, of which over 6,3 billion was invested in IRS, RES and IHS, ie non-resident property schemes and developments. Ken Poonoosamy (...)
Real estate investment is now available to non-residents in Mauritius Non-Citizens can now buy apartments in Ground + 2 buildings without necessarily having an occupational permit in hand, which was the requirement previously, and with no limitation on the number of units being bought and with the right to rent them out, which was not the case up to now.
The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to allow foreigners to purchase apartments in (...)
The Following measures will impact positively the real estate sector :
· Exemption for a Mauritian acquiring a newly built dwelling costing less than Rs.6 million on land which is not on Pas Géométriques or within an Integrated Resort Scheme, Real Estate Scheme, Property Development Scheme or Hotel Invest Scheme during the period from 1 September 2016 to 30 June 2020. · Exemption for a promoter when acquiring land (which is not on Pas Géométriques or within an Integrated (...)
Notary fees for any property purchase in Mauritius follow a fixed schedule based on the sale price :
> 2% for the first Rs 250,000 paid
> 1.5% on the next Rs 500,000 paid
> 1% on the next Rs 1,000,000 paid
> 0.5% on the balance of the selling price
These notaries fees are subject to VAT (15%)
Example : Sale of Rs 8,000,000
Rs 250,000 x 2% = Rs 5.000
Rs 500,000 x 1,5% = Rs 7.500
Rs 1,000,000 x 1% = Rs 10.000
Rs 6,250,000 x 0,5% = Rs 31.250
Total : Rs 53,750 + 15% VAT = Rs (...)
A great opportunity for South Africans to invest in real estate in Mauritius PORT LOUIS – A change to the regulatory requirements for property investment schemes that have lured many affluent South Africans to the Mauritian property market could boost the value of properties bought under the older, less stringent schemes.
In its 2015/16 budget, the Mauritian government announced that the Integrated Resort Scheme (IRS) and Real Estate Scheme (RES) would be restructured and replaced by a new (...)
The Property Development Scheme (PDS) has replaced since August 2015 the IRS and RES schemes in Mauritius. Specifications The Property Development Scheme (PDS), which has replaced the IRS and RES, allows the development of a mix of residences for sale to non-citizens, citizens and members of the Mauritian Diaspora. The PDS is basically an integrated project with social dimensions for the benefit of the neighbouring community and allows for the development and sale of high standing (...)
‘It’s no easy decision to leave your country, culture and people, however Mauritius seems to be an increasingly easy transition for many retirees.’
When it comes to the crux of it there are three simple reasons why South Africans are willing to pack up their lives, put their property up for sale and make a new life in Mauritius.
1. Sun and surf
Simply put it’s a paradise. The lure of palm trees, cocktails out of coconuts and the piercing blue ocean that you see on the front page of (...)
What is so attractive with Mauritius and why would someone come and live there ? Mauritius, a beautiful island in the middle of the Indian Ocean, situated in the ‘golden triangle’ connecting Asia, Africa and Australia, is undoubtedly one of the most attractive countries in the world to live in. An ideal combination of political and economic stability, a clean and safe environment, magnificient lagoons, great road infrastructures and relatively low tax rates make it the ultimate place of (...)
Progress of real estate investments in Mauritius
Interesting to see that after the downward trend in 2008/2009 in the sale of IRS properties following the economical crisis, we have since then seen a constant improvement and increase in the number of properties sold in Mauritius. From 27 units sold in 2009, over 100 IRS properties were sold in 2013 and we foresee another good year in 2014.
Since the introduction of the alternative to IRS properties which are RES properties, sold with no (...)
Cautionary note on real estate acquisitions between individuals
On real estate sites online, including in Mauritius, you can find everything in terms of prices, with vendors trying to sell their property in Mauritius directly to potential buyers at a much higher price than the market price. It is best to find your property through a good realtor in Mauritius, recognized and patented. The real estate agent will tell you if the sale price is in line with the property market in Mauritius, and (...)
SOME SUGGESTIONS WHEN INVESTING IN PROPERTY IN MAURITIUS IN ORDER TO GET A RENTAL RETURN : The first thing to do is to calculate what the RENTAL RETURN would be. The easiest calculation is the GROSS rental return, which does not take into account the annual taxes payable for the property, the income tax imposed on the rental profit (only 15% tax in Mauritius on the net profit after deductions of the expenses and costs paid on the property during the income tax year) and the costs you will (...)
The advice of Philippe de Beer to better sell your house on Mauritius
Some tricks and tips to help sell your home in Mauritius and elsewhere : potential buyers of a house in Mauritius will be more attracted by the general condition of the interior than the house itself. A clean and tidy home always has a good effect on potential buyers of property in Mauritius. If the house is dirty and messy, buyers may wonder if you have well maintained it. Also, think of refreshing the paint on the (...)
New real estate investment opportunity in Mauritius
Wise investment opportunity in Les Mariannes, North of Mauritius.
Subdivsion of agricultural plots with completed infrastructures, including tarred roads, underground electricity & water.
Call the Northern branch of Park Lane Properties, leading real estate agency in Mauritius for more info on +230 263 7575 or north (...)
Press article: Park Lane and the international networks LeadingRE and Luxury Portfolio International
Read about Park Lane Properties, leading real estate agency in Mauritius, becoming member of LeadingRE and Luxury Portfolio International in the June/July 2013 issue of DETENTE, a tourism and leisure magazine in Mauritius.
New real estate project in Tamarin on Mauritius
Release of a new project by Park Lane Properties, leading real estate agency in Mauritius : 8 apartments on the waterfront in Tamarin, on the west coast of Mauritius, right in front of where the dolphins love to swim and the famous surfing spot "DAL".
From the studio to the 3 bedroom penthouse, a choice of various units for all budgets : from Rs 8 m to Rs 24 m all inclusive. Hurry ! Contact Park Lane Properties, your leading real estate (...)
Park Lane Properties Mauritius becomes member of Leading Real Estate Companies of the World and Luxury Portfolio30/05/13
Park Lane joins the prestigious network Leading Real Estate Companies of the World® Park Lane Properties, leading real estate agency in Mauritius, joins the international property network Leading Real Estate Companies of the World®, a global real estate network comprised of 500 of the best-known local and regional real estate firms, with 4,600 offices and 140,000 sales associates in the U.S. and more than 40 other countries. Collectively, these firms sell nearly 900,000 homes annually. (...)
Ten Year Guarantee for real estate developments in Mauritius
It would seem that new regulations are being put in place in Mauritius, for the benefit of buyers of properties in real estate developments in Mauritius. Excellent news ! Read the article attached published in l’Express newspaper in Mauritius on 8 april 2013 (article in french attached).
Facelift for the three Park Lane Real Estate Agencies in Mauritius
Park Lane Properties’ 3 branches of Tamarin, Grand Bay and Floreal have all received a facelifting in line with the company’s strategy to strengthen its visual identity and position in Mauritius.
Following the change in colors of the leading real estate agency’s logo in may 2010, and the various new advertising layouts, the 3 branches’ outside appearance has been redesigned and homogenized.
For all your property needs in (...)