In most cases, the purchase of a real estate property is a lifetime investment which is usually done in different steps. In order to avoid any trap and to ease up the purchase process, it is highly recommended to have all necessary information. While it is up to the buyer to search for the perfect property to buy, hiring property professionals such as a reliable real estate agency and a trustworthy notary, remains essential. Regarding property acquisition in Mauritius, you will find below les key steps of the buying process for Mauritians.
Be it for your primary residence, secondary or only for investment purposes, several criteria should be considered while purchasing your dream property : the property type – choosing between a house in a non-coastal town, a beachfront villa, a PDS apartment or a G+2, a penthouse, an agricultural or residential land; the geographical location of the property – the selling price of a property varies according to the region in which it is located, the North and the West being the most sought-after regions; the characteristics of the property such as the number of rooms, living surface area, with, or without private pool…Villa Vie features a wide array of real estate properties for Mauritian; you are just a couple of clicks away!
A lifetime investment
To avoid any bad surprise, it is recommended to hire the services of a property professional. Who better than Villa Vie, celebrating this its 40th birthday to be trusted for this mission? The agency acts as an intermediary between the seller and the buyer. Its role: perform an accurate evaluation of the property and accompany the buyer throughout the negotiation phase by guiding him in his choice. The agency is dedicated to advising the buyer in total objectivity and independence in terms of attributes, weaknesses or added-value concerning a particular property. The property agency provides the buyer with a 3600 view on the most relevant projects in line with the latter’s preferences.
During a property acquisition, the buyer should ensure that the notary has checked and vetted all required documents and that these documents are in order, most importantly the title. Hiring an agency prevents the buyer from taking unnecessary risks as for a property to be listed by a reliable agency, this means that the latter has already checked and validated the documents.
It is common practice in Mauritius that it is the buyer that chooses the notary to work the sale transaction except in specific cases such as property acquisition within a project where the notary is selected by the promoter. The notary acts as a counsel to both parties, the buyer and the seller. His mission is to check and vet every clause of the sale agreement. Before signing the documents, the notary takes care of verifying the existence of any mortgage and charge, as well as of the registration of the sale agreement at the Registrar before providing the buyer with a copy.
Buying a property in Mauritius implies various fees:
Registration fees of 5% of the property value freehold (First-time buyers get an exemption of registration duty on the first 5 million MUR on the costs of a property).
Notary fees based on the following scale (plus 15% VAT):
Example:
Property selling price: Rs 10 000 000
Rs 250 000 x 2% = Rs 5000
Rs 500 000 x 1,5% = Rs 7500
Rs 1 000 000 x 1% = Rs 10 000
Rs 8 250 000 x 0,5% = Rs 41 250
Total : (Rs 63 750 x 15% VAT) = Rs 73 312,50
Additional fees: varying between Rs 2500 and Rs 10 000 depending on cases (stamp duty)
Important: In the case of real estate projects in Mauritius such IRS, RES, PDS, G+2 apartments or Smart Cities, notary fees may amount to a fixed percentage, generally at 1% of the property selling price plus 15% VAT – procedures being more complex and time-consuming for these types of projects.
2. Agency fees
In general, agency fees amount to 2% of the property value (plus 15% VAT), borne by both the buyer and the seller. (2% each). In the case of a real estate project under an off-plan sale, agency fees are borne by the promoter.
Sources : lexpressproperty.com
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