New real estate act builds buyer confidence further

Expect trust, integrity, and transparency to be the buzzwords for real estate agents in Mauritius in 2021. These core values, notably already a bedrock for 2Futures, form the framework of the country’s Real Estate Agent Authority Act.

The Parliament passed this act in July 2020 to further build confidence amongst buyers of real estate on the island. The act establishes a Real Estate Agent Authority administered and managed by a board.

A Chairperson (a law practitioner) and 12 other members will comprise this board. The board’s functions include:

• the regulation and control of  the business activities of real estate agents, land promoters, and property developers
• promoting transparency, accountability in real estate activities
• protecting and assisting clients in their real estate dealings with real estate agents

Registration requirements

The act requires mandatory registration with the Real Estate Agent Authority of all persons/partnership members who:

• negotiate the sale, exchange, purchase, or lease of real estate
• direct or assist in procuring of prospects or the negotiation or closing of transactions which result in the sale, purchase, exchange, or lease of real estate
• participate in procuring of purchasers, vendors, lessors, lessees, landlords or tenants of real estate
• engage in real estate management, either as an agent or consultant
• advertise or hold themselves out as being engaged in the business of negotiating the sale, purchase, exchange, or lease of real estate
• receive payment for a real estate transaction

Individuals applying for registration with the Real Estate Agent Authority have to be at least 21 years old. They must hold a diploma in real estate or its equivalent qualification that the board approves. Those who have a minimum of five years’ experience in real estate business transactions are also qualified to apply for registration as real estate agents. In the case of a company or a partnership/societe, at least one of its partners or directors must register as a real estate agent.

Real estate agent professionnalisation

The Real Estate Agent Authority Act sets a better framework for the Mauritius property sector. It cultivates not only the further professionalisation of real estate agents in Mauritius. The Act also nurtures excellence in the property development sector already seen in the project deliveries of 2Futures.

2Futures has completed all of its projects successfully through its core values of trust, integrity, and transparency also pursued under the new Act. These developments include  Le Domaine de Grand Baie and Les Residences de Mont Choisy. There are more properties in 2Futures portfolio showcasing the excellence desired in the promulgation of the Real Estate Agent Authority Act.

Contact our consultants for residential purchase opportunities that deliver full satisfaction on property ownership.

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