Since its independence in 1968, Mauritius has undergone many changes, including economy, tourism, export and real estate. To achieve this, the country’s authorities have implemented a policy of economic diversification and democratisation. As a result, human capital and social mobility have grown. To attract Foreign Direct Investment (FDI), a program has been added for sustainable development and growth..
In 2002, the Integrated Resort Scheme (IRS) was created to allow foreigners to acquire freehold real estate in Mauritius, with a maximum plot size of 0.5341 hectares and a minimum investment of USD 500,000 (excluding tax). In 2007, the real estate program (RES) was launched to accommodate projects with a maximum area of 10 hectares. Three years later, in 2012, the Invest Hotel Scheme(IHS) was created to allow foreigners to buy a hotel room or a villa.
Over time, the Mauritian government has sought to harmonize the regulation of property laws in a single legal framework. 2015 thus saw the end of the IRS and RES programs to give way to the Property Development Scheme (PDS). In the PDS model both small and large lots are subject to the same constraints, but with a single registration fee of 5%.
It seems that Mauritius continues to support its real estate sector, in particular through private projects with a total investment of 18 billion rupees. As the Challenge newspaper explains in an article dated January 9, 2017, the Board of Investment (BOI) has given the green light for some 20 projects. For the record, a project enters the PDS scheme when it has a minimum of 6 residential properties of high standing. For the construction of a villa, the minimum plot size is 5275 m2.
If you are interested in real estate in Mauritius or if you are looking to purchase a villa, many projects will emerge with time since several entities have received their “Letter of approval”.
Located in Tamarin, Grand Bay, Trou-aux-Biches, and Pereybere for most tourist places, these developments will include both apartments and villas, penthouses, and amenities such as gyms, wellness and spa, meeting rooms, commercial areas, clubhouses, etc.
These projects are promising and the real estate sector for foreigners in Mauritius should gain traction as construction emerges from the land. To invest in the country, to know more about the villas for sale and those to come, rely on Villa Vie Ltd., Real Estate Agency & Holiday Rentals in Mauritius.
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