Property developers in Mauritius gird for post-Covid-19 rebound

Post-Covid-19 prospects look bright for property developers in Mauritius. The foreign demand behind the country’s housing market boom before the pandemic is up for new boosts.

The 2020-2021 Mauritius budget lays out these pump-priming platforms. This budget creates a High-Level Committee to expedite private construction projects. Prime Minister Pravind Kumar Jugnauth will head this committee.

It’s logical for the government to include private construction in its economic recovery efforts. Currently, there are 34 private building projects costing a total of MUR62 billion filed with the Economic Development Board. These include many real estate developments specifically geared towards foreign investors.

Home buying incentives sweetened

Real estate properties notably bring in the major portion of foreign direct investment in Mauritius. These investments were mainly via the various property development schemes encouraging non-citizens to invest in Mauritius real estate.

The new budget provides further encouragement to foreign home buyers. The buying price to gain permanent residency has been reduced to USD375,000 from USD500,000 under the existing schemes.

Gaining permanent residency is notably advantageous for tax purposes. Tax resident status provides 15 percent income and corporate tax, no capital gains tax, and minimal inheritance tax.

Foreign investors and property developers in Mauritius can also conduct business more conveniently. Under the new budget, digital power of attorney is allowed for foreigners buying immovable properties.

Robust fundamentals

Strong fundamentals draw foreign home buyers to Mauritius. These basic factors include the island’s natural beauty in its verdant mountains and pristine beaches. Mauritius also boasts of a stable government, superior educational system,and a well-developed healthcare system.

Foreign homebuyers have plenty of new developments to choose from in Mauritius. The residential types available include villas, townhouses, apartments, penthouses, and duplexes, all designed for varying lifestyles and preferences.

The No. 1 luxury real estate developer in Mauritius, 2Futures, alone has eight projects under construction. The largest amongst these is Le Domaine de Grand Baie, set for 145 residential units.  Ki Resort Mauritius comes next with 120 apartment units. These real estate developments are located in the northern part of Mauritius, a favorite destination of foreign home buyers.

Property developers in Mauritius cater to a wide range of foreign buyers. The top amongst these buyers is from France, reflecting Mauritius’s historical ties with this country. Next are those from South Africa, the fastest-growing segment of foreign home buyers in Mauritius. Other foreigners buying homes in Mauritius include those from Great Britain, Reunion Island, Madagascar, Australia, Canada, Belgium, Switzerland, and China.

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