January-April 2021 and real estate in Mauritius
Invited by ionnews.mu, our CEO Philippe de Beer shared some valuable feedback about real estate in Mauritius during these first few months of 2021.
Philippe de Beer: "It’s a good time for real estate investment"
The year 2021 took the same turn as the previous one, with a second confinement which, "fortunately lasted less" rejoices Philippe de Beer, CEO and founder of Park Lane Properties. " Although real estate activities continued at a distance, it was difficult to close deals. With the lockdown, the signing of authentic deeds was postponed and the process of engaging on a property was more difficult to manage.
The workload remained the same, that is, researching and submitting property selections to clients contacting us. During the confinement period, our teams were hard at work to meet customer requests," said the CEO of Park Lane Properties. "However, these claims were down 28.7% in the first four months of this year compared to the same period last year. Although requests have declined, turnover, on the other hand, has increased by 29% for the last four months compared to 2020.
Moreover, even in this pandemic period, the real estate market continues to survive because it is a resilient market.
“Home ownership and real estate investment remain in Mauritian’s DNA,” says Philippe de Beer. According to him, real estate will always be a key investment and investment sector. "We have also recorded a 65% increase in the total amount of properties sold between the period January-April 2020 and the same period in 2021," he says. However, he does not rule out the fact that the foreign real estate market, on the other hand, is suffering in the face of confinement but especially with the closure of borders.
This health crisis, which was disadvantageous for some investors, was a springboard for others. “Prices drop sporadically, especially when homeowners have an urgent need to sell their property. This depreciation has therefore been very beneficial for many investors who take advantage of these opportunities. This is indeed a good time for real estate investing,” he says.