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 stability. For some insight into (...)
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 (...)
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 condominium developments of at least two levels above ground (G+2) with the (...)
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 (...)
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 scheme, the Property Development Scheme (PDS). The PDS would require (...)
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 residential units mainly to foreigners.
What the scheme provides?
The PDS provides the following:
• the (...)
‘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 (...)
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 imposed minimum selling price, we have seen a (...)
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 will tell you if it’s a good deal or if the property may be (...)
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 (...)
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 walls here and there. It will not cost you much but will have a big impact. (...)
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 (...)
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.
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 agency in Mauritius on +230 483 7575 or (...)
Park Lane Properties Mauritius becomes member of Leading Real Estate Companies of the World and Luxury Portfolio30/05/13
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. Leading Real Estate Companies of the World® is the largest network of residential real (...)
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).
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 Mauritius, don’t hesitate to contact us.
Property with a personal touch (...)