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!
Mauritius: a top destination
A well-defined budget is essential for a sustainable and profitable real estate investment.
Keep these things in mind:
If you are looking to buy a luxury villa in Mauritius or a high-end apartment, it’s like you will be borrowing from a bank.
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?
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:
Mauritius has set up several real estate programs for non-residents who wish to invest in the country through this particular sector. It is therefore possible today for any foreigner:
Buying a property is a beautiful project, so, to ease at the progress of each step, as a buyer, you must make some decisions:
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:
No less than 5 programs are available to foreigners wishing to become homeowners in Mauritius:
The VEFA – Sale in the future state of completion
This program allows you to sign a sales contract before or during the construction of a property.
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.
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.
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.
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.
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.
It particularly concerns:
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!
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