You have seen a house for sale in Mauritius and you are more eager than ever to take the plunge. Who would not dream of owning a property in such a paradise? This is not the time to rush, because, like any investment, it requires good organisation and, of course, the support of an expert real estate agency. Here are the key steps that you can follow to enter the Mauritian real estate market like a pro!
A well-defined budget is essential for a sustainable and profitable real estate investment.
The first critical question to figure out is what mortgage repayments can you afford? This will determine the amount that you can borrow towards your investment.
Once each monthly payment has been debited from your bank account, how much will you have left to live on (the famous “reste à vivre” calculated by the bank) and meet your other expenses?
The repayment period of your real estate loan
What are the terms of your mortgage?
Over how many years do you want to spread out the repayment of your loan? This question is essential and depends on several elements:
The amount of your contribution;
Your age, for example, if you are counting on real estate to prepare your retirement in Mauritius;
Your professional stability.
Your needs
Mauritius has set up several real estate programs for non-residentswho wish to invest in the country through this particular sector. It is therefore possible today for any foreigner:
Choose, preferably with your agent, the location of your property according to your needs, your budget, and your project
Choose the type of property that suits you
Prepare the financing of your purchase
Provide all the documents required by the administration to obtain the authorization to buy in Mauritius
Property Schemes in Mauritius
As with any important project, buying a property in Mauritius can be stressful. However, by proceeding step by step, the result often exceeds expectations. Our advice:
Choose the real estate program that suits you
No less than 5 programs are available to foreigners wishing to become homeowners in Mauritius:
The Integrated Resort Scheme (IRS) The IRS allows non-residents to invest in luxury villas in a gated community with a variety of amenities.
Real Estate Scheme (RES) Under the Real Estate Scheme (RES), the plots are smaller and the conditions less restrictive.
Property Development Scheme (PDS) The PDS revolves around flexibility, localized social and economic contribution, environmental friendliness, and ecology.
The Smart City Scheme (SCS) The Smart City Scheme promotes Mauritius as a hub for international business and a sustainable destination. Of course, these programs are subject to conditions, which your real estate agent will communicate to you.
EDB Approval
The purchase of a property in Mauritius is subject to approval through the Economic Development Board (EDB). It is therefore required that each candidate compiles a complete file including various documents and fees as they go through the property purchasing process, which your real estate agent will communicate to you.
The services of a professional and certified real estate agent
As a non-resident, the Mauritian real estate sector may seem complex. A professional real estate agent is undoubtedly the most qualified to provide you with clear, up-to-date information, whether it be on the legal aspect or specific to the real estate sector. Quality-price ratio, trusted promoters, network, verification of documents provided by a professional real estate agent all go towards guaranteeing an efficient real estate investment.
A good notary
By hiring the services of an experienced notary, they will quickly take care of drafting the various necessary documents, and also will be able to verify the conformity of your documents.
Current real estate market in Mauritius
If the current pandemic has shaken the vast majority of sectors, Mauritian real estate has come out on top: as always, it acts as a haven for investors, due to the drop in stock market values.
Moreover, thanks to the depreciation of the Mauritian rupee, buyers can save between 5 and 10% on the purchase price of a property, benefiting from a particularly favorable exchange rate.
Real Estate Agents are accountable.
Mauritius has put in place the “Real Estate Agent Authority Bill” which has three objectives:
To promote transparency, accountability, and integrity in the business activities of real estate agents, land developers, and property developers
To protect and assist persons engaged in real estate transactions with these professionals
Ensuring better compliance with recommended international best practices and standards to combat money laundering and terrorist financing through the real estate sector
It particularly concerns:
Real estate agents;
Land promoters;
Real estate promoters.
This simply means that as a non-resident buyer, you can rely on real estate agents who are certified and closely monitored by the authorities in the performance of their duties. If there is any doubt on the ability of the real estate agent, the buyer can turn to the authorities to benefit from all the legal protections required for a successful real estate purchase in Mauritius.
For several years now, Mauritius has been shaping its legislation to facilitate foreign investment in the country, particularly through real estate. With good preparation and professional accompaniment, transform the purchase of your villa or your apartment into a successful and profitable project!
When it comes to negotiating real estate transactions in Mauritius, a deep understanding of cultural differences is essential for success. This tropical paradise offers not only beautiful beaches and peaceful living, but also a rich cultural diversity that influences business practices and real estate negotiations.
Mauritius is a cultural gem nestled in the heart of the Indian Ocean, where music and art combine to tell the vibrant and diverse story of its people. In this article, as we explore the local music scene, we plunge into a world of enchanting sounds and exceptional talent, while admiring the vibrant works of Mauritian painters.
Mauritius enjoys a sunny climate all year round, characterized by two distinct seasons. From the sunny days of winter to the vibrant glow of summer, each season has its own charm! […]