Despite 2020 unleashing worldwide difficulties, 2021 looms as a good time to buy a house in Mauritius. In January, the Covid-19 vaccine rollout gained ground in Mauritius and its major economic partners and thus boost prospects for the world economy and the country’s real estate market.
This literal shot-in-the-arm towards a global economic recovery further sharpens these four reasons why buying a house in Mauritius is a wise move in 2021.
New construction projects in both commercial, office, and residential developments enliven the dynamics of the Mauritius real estate market. One new commercial hub, the Mahogany Shopping Promenade, is rising in Beau Plan. Located in Pamplemousses, this commercial centre adds to the life and leisure attractions for residential communities in the north of Mauritius.
On the western coast of the Pamplemousses District, a new business and industrial park is likewise under construction at Riche Terre. Covering 500 arpents, the Riche Terre Business and Industrial Park is a MUR9 billion project sure to provide significant economic impact.
Several office building complexes are also set for construction in Mauritius. According to the Economic Development Board (EDB), a total of MUR3.2 billion has been allocated for these office projects.
Prized residential projects remain on track
The coronavirus-induced operational challenges did not deter Mauritius developers to guarantee options for those who want to buy a house in Mauritius. A case in point is 2Futures’ construction that remained on track at several prized property developments in the north of Mauritius.
Overall, the EDB reported that 30 new residential projects are moving to their construction phase in 2021. The board also noted that residential construction underway in 2020 represents a total project value of MUR10 billion.
The government is harnessing the real estate sector as a handle for the country’s 2021 economic rebound from the coronavirus-induced 2020 downturn. It has fine-tuned its investment incentives to entice more foreign nationals to buy a house in Mauritius.
For instance, a foreign homebuyer gets a residence permit with the purchase of a home priced at USD375,000 like the listed penthouse at 2Futures’ Ki Resort. This price threshold for residency is a reduction from the former USD500,000 minimum purchase value. With resident status, a non-citizen can now work in Mauritius without an Occupation Permit.
Safe investment and value appreciation
Real estate investments are intrinsically safer than capital outlays in the more volatile capital and financial markets. Moreover, residential properties in Mauritius have a strong potential for value appreciation. This looms as the country appears on track of achieving a forecast 7.5% GDP growth in 2021.
The “V(accine)-shaped economic rebound” shaping up in 2021 presents an opportune time to invest.
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