COVID-19 : The Mauritian real estate market and the prospects for recovery
COVID-19 : The Mauritian real estate market and the prospects for recovery
L’Express Properties interviewed Philippe de Beer, the CEO of Park Lane Properties, about his views and vision for the Mauritian property sector following the Covid-19 pandemic.
The Coronavirus is all over the news, and each of us follows with the greatest attention, the many statistics and facts covered - in particular, concerning the consequences on global economy and real estate investments.
EP: How did you organize yourself when the Coronavirus crisis affected Mauritius?
PDB: Our team quickly set up a ’work from home’ station, each of the employees creating a workspace in a dedicated place in their home. From the first Friday of confinement we were ready and active, on the job. We have adapted our working hours from the start so that we can also allocate sufficient time for our families and children, which at Park Lane we consider very important.
We also immediately set up new internal communication habits, including a multi-level videoconferencing meeting schedule, to stay in touch with the whole Park Lane team. This way, we can all see each other and get news of each other and assess how each team member is coping in confinement and share any difficulties in being operational or even any issues with their family. We also organize smaller working groups several times a week, with the aim of completing everything we have planned in our administrative and commercial strategy for this period of confinement which turns out to be extremely productive.
EP: What assessment should be made of the first fortnight of confinement? Is there a drop in demand (sale / rental)?
PDB: The demands have dropped drastically. The priorities of potential buyers and tenants have changed, it is obvious and all are postponing their research. In terms of volume of requests, we were in the last week of March, that is to say the 2nd week of confinement in Mauritius, at only 10% of the volume of requests compared to the period before Covid-19.
From February to March 2020, our requests for Mauritian citizens were reduced by more than 30% and our requests for foreign citizens by 53%. Our purchase requests decreased by 34%, and rental requests by 37%. Certainly these requests will continue to decline in the coming weeks.
EP: What is your vision for the market and what are your prospects?
PDB: In the short term, all transactions are for the time being postponed and visits no longer take place. There will be very few confirmation of purchases or rentals until the end of confinement. For those buyers and sellers who had already agreed on a price and terms before the containment was announced, there is some concern that the deal will still go ahead. Depending on the type of documents that have been signed to seal the transaction, some agreements may be questioned or renegotiated.
In addition, we can expect some sellers to choose to pause the sale of their property while waiting for a recovery and better days. Buyers may also be smaller in number for a few months.
It will take a little while to see the real long-term impact of Covid-19 on the real estate market in Mauritius and around the world, but we can expect a drop in the volume of post-covid-19 requests. It will take a little time to return to the same level as before the covid-19, but the price of real estate will not necessarily be impacted as a whole, or at least should not undergo a heavy decline.
Knowing the appetite of Mauritians for real estate investment, the market will certainly rebound and recover. But it is true that there is still some uncertainty right now. A possible slowdown. One wonders, for example, with the shadow of a possible recession and the impact that this pandemic will have had on certain households, on the ability and the choice of a good number of potential buyers to go into debt for a property purchase after covid-19. Lower interests rates and Government support measures on businesses and households loans might help to absorb some of that threat.
On the other hand, the more optimistic opinion is that real estate remains, for many, a safe haven compared to other types of investments, in particular the stock market. Some will choose to integrate real estate investment into their investment portfolio if this were not already the case, seeing the volatility and fragility of the stock markets in the face of this type of unexpected crisis. The fall in interest rates will certainly encourage some investors to grasp the opportunity to borrow and invest in real estate.
EP: What is your new communication? How do you address your target audience?
PDB: The real estate market is based almost entirely on human contact before the purchase or rental is finalised. This crisis therefore has a direct impact on our profession and our ability to close a deal. The signatures of authentic deed of sales in front of a notary and then the registration of those deeds at the registry office can not be done, so transactions cannot take place.
It is therefore important, pending the reopening of offices and normal economic activity, to keep in touch with our customers and those who trust us. This is what we are doing more than ever these days. We also continue to advise our customers on the fair price for the sale or rental of their property, with - if necessary - a visit to their property by video conference with them to give them a better valuation.
Digital communication tools and social media are important resources for wider communication, and telephone and other means of digital telephony is the alternative for more exclusive and individual contacts with our customers.
Additional remarks: this period of confinement allows us to also reflect on several subjects in order to make real estate transactions more digital in Mauritius: for example, the need to legislate digital signatures of certain documents such as promises of sale and even deeds of sale, through adequate digital signature platforms and softwares.
Read more here about the Covid-19 article: the vision of two players in the Mauritian real estate market and the prospects for recovery: https://view.joomag.com/lexpress-prope…/0016970001586528813…
Newly introduced advantages when buying in Ground + 2 schemes
Newly introduced advantages when buying in Ground + 2 schemesSince December 2016, non-citizens can also buy apartments, provided the apartment / penthouse is situated in a Ground + 2 building situated on FREEHOLD land.The property must be sold at a minimum selling price of MUR 6 m which therefore permits the buyer to obtain a multi entry visa of 6 months per year, attached to the property.If the apartment is above USD 375,000, the buyer will receive a Permanent Residence.It is good to know that a non-citizen can purchase one or more apartments ...Read more
How to prepare your property to better sell it
How to prepare your property to better sell itPrivate sellers are often not familiar with the various techniques of selling real estate in Mauritius. Without the advice of an experienced real estate agent, it will be difficult for someone to prepare and sell their property. As a result, visits do not always go as planned. It is essential for the successful sale of real estate, that the property is well prepared for visits. In order to give you an idea of good practices to adopt during a real estate visit, we have listed what is necessary and what not to do in front of your ...Read more
Mauritius exits EU List of High-Risk Third Countries
Mauritius exits EU List of High-Risk Third CountriesEuropean Commission moves to withdraw Mauritius from the List of High-Risk Third CountriesOn the 7th of January 2022, the European Commission approved the removal of Mauritius from its list of high-risk third countries by acknowledging that it no longer presents strategic deficiencies on the basis of the criteria laid down in Directive (EU) 2015/849.The European Council and Parliament have a scrutiny period of one month in order to object to this Act. If there is no objection, the Act will be published in the EU ...Read more
Leading real estate agency Park Lane joins LeadingRE and Luxury Portfolio : article in DETENTE
Leading real estate agency Park Lane joins LeadingRE and Luxury Portfolio : article in DETENTEPress article: Park Lane and the international networks LeadingRE and Luxury Portfolio InternationalRead about Park Lane Properties, leading real estate agency in Mauritius, becoming member of LeadingRE and Luxury Portfolio International in the June/July 2013 issue of DETENTE, a tourism and leisure magazine in Mauritius.Read more
How to succeed in your move to Mauritius
How to succeed in your move to MauritiusFor various reasons, many are tempted to leave their country to live in other places. And a lot of people are convinced to move to our island, once they have seen the beauty of Mauritius. It is no wonder, because it is a real jewel in the middle of the Indian Ocean. With the beautiful landscapes, diverse cultures, and good potential for development ... living on this island would be the envy of anyone. If you are one of those people, then discover the advantages of expatriation to Mauritius.A heavenly ...Read more
INTRODUCTION OF THE PREMIUM VISA
Introduction of the Premium Visa in MauritiusLATEST NEWS – GOVERNMENT OF MAURITIUS – NEW CABINET DECISION !23 OCTOBER 2020Cabinet has agreed to the introduction of a new Visa Scheme, to be called Premium Visa for a period of one year, renewable, to encourage eligible foreigners to come for a long stay in Mauritius, a COVID-safe destination.The Premium Visa would allow non-citizens from countries listed in the Eighth Schedule of the Passport Regulations to come to Mauritius.The new visa would target, amongst others, the following categories of noncitizens - (a) repeat tourists who had planned to ...Read more
Most Mauritians, like people from all over...
Most Mauritians, like people from all over...I Want to Be a Home Owner in Mauritius!Most Mauritians, like people from all over the world who have fallen in love with the island, dream of buying a house in Mauritius. Synonymous with success and heritage, i.e. leaving behind a gift for one’s children, or motivated by a desire to emigrate, the purchase of real estate is a project many people hope to get a good return on investment. Even more so when that property is in Mauritius, a country known for its idyllic way of life and political stability. For some insight into becoming a property owner in Mauritius, we spoke to Philippe de Beer, ...Read more
South Africans buying property in Mauritius
South Africans buying property in MauritiusThe top 5 things to consider when buying property in MauritiusMore and more South Africans are investing in their future homes here in Mauritius. Lifestyle, language, culture and business are listed as great reasons for them to move their families to our beautiful tropical island.Amongst the top 5 reasons for South Africans to move to Mauritius is the tax incentive. The new government policy of foreigners buying property priced as from USD 375,000 and upwards and benefitting from a privilege of permanent residency is also a major reason.Understanding the ...Read more
Park Lane does a Road Show in South Africa
Park Lane does a Road Show in South AfricaMauritius, an interesting destination for expatriates- a country where life is good. Thanks to its many attractions, its breathtaking landscapes, the tropical climate that reigns throughout the year and its political and economic stability, more and more foreigners choose to come and live and invest on the island and enjoy the quality of life Mauritius offers.French and South Africans are particularly interested in Mauritius as a destination to move to. The real estate market is flourishing, and it is crucial to be well advised and ...Read more
The best way to purchase property in Mauritius
The best way to purchase property in MauritiusMauritius, a country where life is good. Thanks to its many attractions, its breathtaking landscapes, the tropical climate that reigns throughout the year and its political and economic stability, more and more foreigners choose to come and live and invest on the island and enjoy the quality of life Mauritius offers. French and South Africans are the first ones particularly interested in Mauritius. The real estate market is flourishing, but it is very important to be well accompanied in the process of acquiring a property so that all goes well.involve professionalsAny real estate ...Read more
Real Estate Taxes & Duties
Real Estate Taxes & DutiesPhilippe de Beer, Founder and Director of Park Lane Properties, explains what are the duties and taxes payable when buying a property in Mauritius and that are added to the selling price of a property.It all happen at the time of signing the authentic deed in front of a notary and they are based on the selling price of the property.You will be asked to pay to the notary, along with the ...Read more
Reflecting on Coronavirus and how it affects us
Reflecting on Coronavirus and how it affects us20 March 2020Dear Friends, Clients & Partners,With the current global crisis, we know that many of you are experiencing incredible personal and professional challenges and some confusion. Our hearts go out to all of those of you, and your families, directly and indirectly affected.This pandemic is leading countries from all over the world to undergo extreme measures. In this crisis, we all have one priority: to contain the propagation of the virus and keep our families safe and healthy, while staying close to and looking after our more vulnerable citizens wherever ...Read more
Latest conditions for non-citizens when investing in guesthouses or tourist residences in Mauritius.
Latest conditions for non-citizens when investing in guesthouses or tourist residences in Mauritius.A new government policy for investment in an existing guest house/tourist residence by a non‐citizen has just been released on the 25th September 2019. Such investment may now only be authorized on a case‐to‐case basis and only if the existing establishment is upgraded and the new project proposal meets the policy objectives of the Ministry of Tourism & Leisure and complies with very specific requisites as listed below by the same Ministry.The term “New Guesthouse / Tourist Residence” means a project proposal for the ...Read more
Mauritius is one of the best countries to emigrate and acquire a property!
Mauritius is one of the best countries to emigrate and acquire a property!Is Mauritius one of the best countries to emigrate? Looks like yes!According to a study conducted by the international law firm Bradley Hackford - an entity specializing in tax and physical residence changes in attractive countries for their taxation and living environment - Mauritius is ranked 7th in the ranking of the least taxed countries in the world in 2017. A place of choice for an island that is still developing."For a foreigner, one of the best gateways to expatriate in a country like Mauritius is undoubtedly the investment in ...Read more
Les Mariannes, Mauritius : Eternal views on the North of the island
Les Mariannes, Mauritius : Eternal views on the North of the islandNew real estate investment opportunity in MauritiusWise investment opportunity in Les Mariannes, North of Mauritius.Subdivsion of agricultural plots with completed infrastructures, including tarred roads, underground electricity & water.Call the Northern branch of Park Lane Properties, leading real estate agency in Mauritius for more info on +230 263 7575 or north firstname.lastname@example.orgRead more
Mauritius EXITS the FATF List of Jurisdictions
Mauritius EXITS the FATF List of JurisdictionsMauritius EXITS the FATF List of Jurisdictions under increased monitoring!Mauritius has been taken off the grey list by the Financial Action Task Force (FATF), an inter-governmental body that sets anti-money laundering standards, while acknowledging the progress the island nation had made in its fight against money laundering and terrorist financing (AML/CFT) in the past few months.Mauritius was put on the list by FATF in February 2020, and that had a significant impact on its credibility as a prudent and compliant jurisdiction. This list is often referred to as the “grey ...Read more
Park Lane Properties introduces some strategic developments within the company.
Park Lane Properties introduces some strategic developments within the company.The strategic developments of real estate agency Park Lane Properties in MauritiusIn its pursuit of excellence and always striving to exceed customer expectations, Park Lane Properties as leading real estate agency in Mauritius has appointed Mr. Bruno Rochecouste as its new Executive Director, Strategy & Innovation. Achievement and results driven, Mr. Rochecouste comes with a proven track record in Financial Services, covering Banking, Wealth Management & Insurance across various organizations in Africa, Mauritius and Middle East. Some ...Read more
Some advice to better sell your house in Mauritius
Some advice to better sell your house in MauritiusThe advice of Philippe de Beer to better sell your house on MauritiusSome tricks and tips to help sell your home in Mauritius and elsewhere : potential buyers of a house in Mauritius will be more attracted by the general condition of the interior than the house itself. A clean and tidy home always has a good effect on potential buyers of property in Mauritius. If the house is dirty and messy, buyers may wonder if you have well maintained it. Also, think of refreshing the paint on the walls here and there. It will not cost you much but will have a big impact. We often don’t notice ...Read more
Safely buy a property ’off-plan’ (VEFA) in Mauritius
Safely buy a property ’off-plan’ (VEFA) in MauritiusA sale of property before completion (VEFA), also known as Purchase off Plan, consists of buying a real estate property off plan which has not yet been completed. This has become a trend in Mauritius since a few years now. When the deed of sale is signed, the buyer becomes the owner of the property under future completion. However, this kind of real estate transaction is not without risk, and it is important to remain vigilant.The principle of the VEFAThe off-plan sale known as VEFA allows the buyer to pay in several stages. There are two distinct stages. ...Read more
What are the criteria to consider for investing in real estate in Mauritius?
What are the criteria to consider for investing in real estate in Mauritius?When it comes to purchasing, many investors ask themselves whether they have made the right choice or the best investment. Each uses an evaluation grid that differs from one individual to another. But all too often this evaluation is not necessarily objective and is based on emotional criteria.What are the key points not to neglect to make the right choice?Philippe de Beer, CEO of Park Lane Properties, leading real estate agency in Mauritius offers some ...Read more
Buy a property in Mauritius in 5 steps
Buy a property in Mauritius in 5 stepsBuying a real estate property is not to be taken lightly. It can be complicated if you do not know the steps to take. Also, you need a lot of information before you start, so as to avoid the inconvenience that can be caused. Although it is up to you to find the property of your dreams, you may need the services of professionals such as a professional real estate agencyand a notary for formalities. If you are tempted to buy property in Mauritius, you will need to follow the 5 steps below.First, identify the ideal ...Read more
All you need to know on how a foreigner can buy property in Mauritius
All you need to know on how a foreigner can buy property in MauritiusThe Government of Mauritius has proposed various schemes in which foreigners can choose to invest in real estate in Mauritius. Since the island has many business and tax incentives, foreigners are motivated to move to Mauritius for business and relocation purposes.Buying a property, as an investment or for a family or secondary home, is easily available and highly sought after. The different schemes / programmes have been designed to facilitate the acquisition of residential and commercial properties by non-citizens or companies in ...Read more
New property project in Mauritius : Launch of 8 beachfront apartments in Tamarin
New property project in Mauritius : Launch of 8 beachfront apartments in TamarinNew real estate project in Tamarin on MauritiusRelease of a new project by Park Lane Properties, leading real estate agency in Mauritius : 8 apartments on the waterfront in Tamarin, on the west coast of Mauritius, right in front of where the dolphins love to swim and the famous surfing spot "DAL".From the studio to the 3 bedroom penthouse, a choice of various units for all budgets : from Rs 8 m to Rs 24 m all inclusive. Hurry ! Contact Park Lane Properties, your leading real estate agency in Mauritius on +230 483 7575 ...Read more
SOME SUGGESTIONS WHEN INVESTING IN PROPERTY IN MAURITIUS : Buying to get a rental return
SOME SUGGESTIONS WHEN INVESTING IN PROPERTY IN MAURITIUS : Buying to get a rental returnSOME SUGGESTIONS WHEN INVESTING IN PROPERTY IN MAURITIUS IN ORDER TO GET A RENTAL RETURN :The first thing to do is to calculate what the RENTAL RETURN would be.The easiest calculation is the GROSS rental return, which does not take into account the annual taxes payable for the property, the income tax imposed on the rental profit (only 15% tax in Mauritius on the net profit after deductions of the expenses and costs paid on the property during the income tax year) and the costs you will need to pay for the ’upkeep’ of the ...Read more
Guide for buyers of real estate in Mauritius
Guide for buyers of real estate in MauritiusForeigners seem to be strongly interested in Mauritius and this is understandable. An amazing environment, great lifestyle possibilities, a good location, an advantageous tax system, this island has it all. If it is wonderful to spend a holiday, many even consider acquiring real estate to enjoy its many advantages all year round. If you are one of them, here is all you need to know about buying a property in MauritiusAcquisition of Freehold PropertyTo allow foreigners to acquire real estate, the Mauritian government has put in place a regulated framework: the latest, after the ...Read more
WHY MAURITIUS?Mauritius being a diverse and multicultural nation of 1.3 million people, offers a range of investment opportunities in different sectors.Its ease of doing business ranking and stable governance creates the perfect business climate possible.A COMPETITIVE, WELL-DIVERSIFIED & BROAD-BASED ECONOMYOver the years, Mauritius has crafted a strong growth-oriented developmental path which has enabled us to achieve one of the highest per capita income in Africa. Indeed, from USD 400 in 1968 when we obtained our independence, our development strategy has propelled us in the league of ...Read more
How to live, work, retire, invest and acquire in Mauritius
How to live, work, retire, invest and acquire in Mauritius, and which permits and visas are available?There are many ways possible to come and enjoy life in this beautiful island. We have introduced them to you below, and you can see which offer suits your present relocation needs.ACQUIRE IN MAURITIUS:Blessed with sunshine all year round, as well as a coastline that is bathed by the warm waters of the Indian Ocean and spread over hundred kilometres, Mauritius remains the ‘place to be’. With a more liberal property market, Mauritius has gained rising popularity with the ...Read more
The resale of real estate in Mauritius
The resale of real estate in MauritiusReselling your property in MauritiusReal estate is a booming sector in Mauritius for many reasons. Firstly because the Mauritian is inclined to want to become the owner of his home as soon as possible and prefers to repay a loan than to pay rent, and then, for non-citizens, because Mauritius offers them many advantages and benefits and among others : its favorable taxation, its tropical climate, the quality of life it offers, a diversified culture, excellent air transport connectivity, modern infrastructures, a solid banking sector, a favorable business climate, are reasons that boost the real ...Read more
We LOVE Local: Buy, Sell or Rent from us & enjoy exclusive discounts
We LOVE Local: Buy, Sell or Rent from us & Enjoy Exclusive Discounts from Mauritian Owned Businesses!We LOVE Local: Buy, Sell or Rent from Park Lane Properties & Enjoy Exclusive Discounts from Mauritian Owned Businesses! Support Local!Being a 100% Mauritian real estate agency, we at Park Lane Properties have always proclaimed we were #ProudlyMauritian.Our team has a personable professional demeanor coming from our natural Mauritian friendliness, openness and genuine hospitality. This is our people’s culture and way of life and has been carried through in our service and in the relationships we have built with YOU and ...Read more
Processes of buying real estate in Mauritius
Processes of buying real estate in MauritiusPhilippe de Beer, founder and director of Park Lane Properties explains what is the process of buying a property in Mauritius for a non-citizen, whether it is a property off plan or a property you would be buying on the resale market!The most important thing is first to be well advised by a real estate expert who will be able to understand clearly what you are looking for and find ...Read more
Seller’s Guide for a property in Mauritius
Seller’s Guide for a property in MauritiusSelling real estate represents considerable challenges, so it should be taken seriously. The approach is very complex, and it is of considerable importance that the real estate professional has an excellence knowledge of his sector, and all that surrounds it, to be able to accompany buyers in their search and find the right selling points that will convince a buyer, with honesty and objectivity.It is a task that requires patience, determination, but also organization skills, a lot of professionalism and integrity, as well as the knowledge of all the various aspects of real estate sales, ...Read more
Park Lane Properties, leading real estate agency in Mauritius, gives its 3 branches a facelift
Park Lane Properties, leading real estate agency in Mauritius, gives its 3 branches a faceliftFacelift for the three Park Lane Real Estate Agencies in MauritiusPark Lane Properties’ 3 branches of Tamarin, Grand Bay and Floreal have all received a facelifting in line with the company’s strategy to strengthen its visual identity and position in Mauritius.Following the change in colors of the leading real estate agency’s logo in may 2010, and the various new advertising layouts, the 3 branches’ outside appearance has been redesigned and homogenized.For all your property needs in Mauritius, don’t hesitate to contact ...Read more
Real Estate Investors’ Dreams: Owning Their Home!
Real Estate Investors’ Dreams: Owning Their Home!The dream of buying real estate in MauritiusIt is fairly safe to say that when looking to invest, the first choice of investors, no matter their profile, is real estate. And with good reason too: it’s a secure and usually profitable investment; and often, a way to earn a regular income. Most importantly it’s a tangible investment, solid as a rock! However, the type of investment chosen varies greatly depending on the desires and plans of each investor. Here’s a quick overview...The global real estate investment market is much more dynamic than you may think! ...Read more
Constant increase in sales of IRS & RES properties in Mauritius
Constant increase in sales of IRS & RES properties in MauritiusProgress of real estate investments in MauritiusInteresting to see that after the downward trend in 2008/2009 in the sale of IRS properties following the economical crisis, we have since then seen a constant improvement and increase in the number of properties sold in Mauritius. From 27 units sold in 2009, over 100 IRS properties were sold in 2013 and we foresee another good year in 2014.Since the introduction of the alternative to IRS properties which are RES properties, sold with no imposed minimum selling price, we have seen a constant increase from 51 units ...Read more
The Property Development Scheme (PDS)
The Property Development Scheme (PDS)The Property Development Scheme (PDS) has replaced since August 2015 the IRS and RES schemes in Mauritius.SPECIFICATIONS The Property Development Scheme (PDS), which has replaced the IRS and RES, allows the development of a mix of residences for sale to non-citizens, citizens and members of the Mauritian Diaspora. The PDS is basically an integrated project with social dimensions for the benefit of the neighbouring community and allows for the development and sale of high standing residential units mainly to foreigners. WHAT THE SCHEME ...Read more
Notary fees for a property acquisition in Mauritius
Notary fees for a property acquisition in MauritiusNotary fees for any property purchase in Mauritius follow a fixed schedule based on the sale price :> 2% for the first Rs 250,000 paid> 1.5% on the next Rs 500,000 paid> 1% on the next Rs 1,000,000 paid> 0.5% on the balance of the selling priceThese notaries fees are subject to VAT (15%)Example : Sale of Rs 8,000,000Rs 250,000 x 2% = Rs 5.000Rs 500,000 x 1,5% = Rs 7.500Rs 1,000,000 x 1% = Rs 10.000Rs 6,250,000 x 0,5% = Rs 31.250Total : Rs 53,750 + 15% VAT = Rs 61.812,50Therefore 0,77% of the ...Read more
Mauritius is Reopening in Phases
Mauritius is Reopening in PhasesEnjoy a visit to Mauritius this July!Mauritius is ranked as one of the top countries in the world for its response to the COVID-19 pandemic and we’ve prioritised our tourism staff during our vaccine rollout to keep you as safe as possible. We’re opening in phases, so take a look at our latest travel advice and we’ll see you in paradise soon. After all our virtual tours, now is the time to come and visit the beautiful properties IN PERSON.SAFETY ON THE ISLAND: Travel requirements, Advice & NewsEntry Requirements: Our island is opening in Phases:15 ...Read more
How to avoid the risks of a real estate investment in Mauritius
How to avoid the risks of a real estate investment in MauritiusForeigners have been interested in buying a property in Mauritius since many years and particularly since the Government opened the right for non-citizens to buy property under specific schemes. In terms of real estate, Mauritius has interesting offers, whether you are interested to live here part of the year or permanently or as a real estate investment. However, this type of investment may involve risks. That’s why you need to know how to avoid the risks of investing in real estate in a country you are ...Read more
Mauritius is a top “golden visa” option for South Africans
Here’s why Mauritius is a top “golden visa” option for South AfricansMauritius is currently one of the least expensive options for South Africans seeking to obtain permanent residence-by-investment in another country – and if the European Commission has its way, the country it may soon be one of only a handful left where they can do so at all.So says Philippe de Beer, CEO of leading Mauritian real estate agency Park Lane Properties, who notes that Portugal, which has been one of the most popular residence-by-investment destinations in Europe, has announced that it is closing its “golden visa” ...Read more
ADVICE TO OWNERS: Enhance your home to better sell it
ADVICE TO OWNERS: Enhance your home to better sell itTo seduce potential buyers and obtain the signature for the sale of your house or apartment, do not neglect the preparation of the sale.Some tips from Park Lane Properties, leading real estate agency in Mauritius:A property is constantly aging, deteriorating... it wears. Some equipment may no longer meet standards or meet current needs. Before you put the property on sale, it is therefore necessary to analyze all defects and the things that any buyer will want to redo if he considers this purchase.Take ...Read more
Budget 2021-22 Presentation : Real Estate and Business Facilitation measures
Budget 2021-22 Presentation : Real Estate and Business Facilitation measuresOn the 11 Jun 2021, the Hon. Renganaden Padayachy, Minister of Finance, Economic Planning and Development presented his budget for 2021/22, named "BETTER TOGETHER".Ken Poonoosamy, CEO of the EDB, comments : "The budget sets out a series of measures to achieve this ambition. Indeed, we must steer our way back on the path of recovery and prosperity and leave behind the negative fallout of the pandemic and further pursue our aim to emerge stronger by undertaking necessary reforms. Central to this ambition is our determination to open our borders to ...Read more
Park Lane Properties Mauritius becomes member of Leading Real Estate Companies of the World and Luxu
Park Lane Properties Mauritius becomes member of Leading Real Estate Companies of the World and Luxury PortfolioPark Lane joins the prestigious network Leading Real Estate Companies of the World®Park Lane Properties, leading real estate agency in Mauritius, joins the international property network Leading Real Estate Companies of the World®, a global real estate network comprised of 500 of the best-known local and regional real estate firms, with 4,600 offices and 140,000 sales associates in the U.S. and more than 40 other countries. Collectively, these firms sell nearly 900,000 homes annually.Leading Real Estate Companies of ...Read more
Mauritius attracts Rs 10.6 billion in Foreign Direct Investment ...
Mauritius attracts Rs 10.6 billion in Foreign Direct Investment ...Mauritius attracts Rs 10.6 billion in Foreign Direct Investment ...During the first three quarters of 2016, Foreign Direct Investment has amounted to nearly Rs 10,6 billion (over US$ 286 m), compared to Rs 7,2 billion for the corresponding period in 2015, representing an increase of 46,8%. Over 69% (Rs 7,5 billion) have been represented by Real Estate activities, of which over 6,3 billion was invested in IRS, RES and IHS, ie non-resident property schemes and developments. Ken Poonoosamy of the Board of Investment adds : "An analysis ...Read more
Getting a mortgage in Mauritius
Getting a mortgage in MauritiusINVESTING IN MAURITIUS HAS MANY ADVANTAGES, WHETHER YOU ARE A STUDENT, REAL ESTATE INVESTOR OR FAMILY RELOCATING TO THIS NEW COUNTRY.If you are a non-citizen, access to property is regulated and limited to certain areas and real estate projects. An agency specialized in the sale of such programs will be able to advise you. In some cases, the acquisition of real estate requires the financing by a banking institution that offers ...Read more
How to estimate the price of a property in Mauritius
How to estimate the price of a property in MauritiusReal estate investments are going well in Mauritius, but to sell your house or apartment, it is still necessary to evaluate your property.An owner always wants the best price for their property and the buyer usually tries to negotiate a reduced price. However, evaluation requires objectivity. To do this, one must observe a number of criteria.The location of the propertyThe environment in which the property is located is the first criterion to be considered in the valuation of a ...Read more
How to buy real estate in Mauritius, as a non-citizen
How to buy in Mauritius as a non-citizenYou may be asking yourself how as a non-citizen are you able to buy a property in Mauritius. It’s simple. Philippe de Beer, CEO of Park Lane Properties explains how to acquire a property and how to obtain Permanent Residence with your real estate purchase:You can ONLY buy a property in developments which are “Accessible to non-citizens”.Over the years, different types of real ...Read more
Rights and obligations when renting a property in Mauritius
Rights and obligations when renting a property in MauritiusWhen looking for a property to rent in Mauritius, some important aspects should be considered as a tenant. The signing of a rental lease agreement certifies the rights and obligations of both parties, namely the Lessee and the Landlord.All the important details must be mentioned in this contract which must be carefully read so that everyone is aware of their rights and duties towards each other. The laws governing the renting of real estate are covered in the Civil Code of Mauritius, more specifically from Article 1721 to ...Read more
Investing in Rental Real Estate in Mauritius
Investing in Rental Real Estate in MauritiusMauritius provides a favorable environment for any kind of investment, including real estate investment. While some buy property for resale, others are more interested in rental real estate. Mauritius is of great interest to this type of investor because it offers considerable benefits. In this article, we invite you to discover good reasons to invest in rental real estate in Mauritius.Rental real estate, a more profitable investmentInvestment in rental real estate is the operation ...Read more
Fraser Institute Report: Mauritius well positioned
Fraser Institute Report: Mauritius well positioned in the Economic Freedom of the World ranking.The report, "Economic Freedom of the World: 2022" findings ranked Mauritius as ninth among the most pro-economic freedom countries.The first place is occupied by Hong Kong, followed by Singapore, Switzerland, New Zealand, Denmark, Australia, the United States, Estonia, Mauritius and Ireland. Mauritius is listed ahead of several major countries such as Japan (12th), Germany (24th), Italy (43rd), France (54th), India (90th), Russia ...Read more
Eligibility for the acquisition of a PDS property in Mauritius
Eligibility for the acquisition of a PDS property in MauritiusThe PDS programs represent an excellent opportunity for foreigners wishing to settle in Mauritius, whether as an individual or a company. The acquisition of a property within the framework of this scheme will make the buyers benefit from tax advantages in Mauritius. However, there are legal conditions for a person to officially acquire such property. In this article, you ...Read more
CAP TAMARIN - THE SMART & HAPPY VILLAGE in Mauritius
CAP TAMARIN - THE SMART & HAPPY VILLAGE in MauritiusImagine a place where you can savour each moment of every day! A place that allows you to live life to the fullest. A place where all the essentials are in close proximity. A place where adventure is a stone’s throw away. A place where people of all ages and cultures live together. A great place you can call home!An extension of the village of Tamarin and developed over an area of 44 hectares, Cap Tamarin is the smart village of tomorrow that puts YOU and YOUR HAPPINESS at the heart of all its developments. With the iconic La Tourelle mountain in the backdrop and ...Read more
Windfall for South Africans with property in Mauritius ?
Windfall for South Africans with property in Mauritius ?A great opportunity for South Africans to invest in real estate in MauritiusPORT LOUIS – A change to the regulatory requirements for property investment schemes that have lured many affluent South Africans to the Mauritian property market could boost the value of properties bought under the older, less stringent schemes.In its 2015/16 budget, the Mauritian government announced that the Integrated Resort Scheme (IRS) and Real Estate Scheme (RES) would be restructured and replaced by a new scheme, the Property Development Scheme (PDS). The PDS would require developers to ...Read more
Senior Habitat: Retiring in Mauritius
Senior Habitat: Retiring in MauritiusWhen retirement comes, many want to leave France to live in a new environment. Beyond a simple vacation, retirees plan to settle more permanently in the tropics. For some years now, Mauritius has become the most popular destination for retired French people. And this is not surprising. One just needs to see this heavenly place to be convinced. Offering numerous appealing advantages, it is a place that provides a whole new lifestyle. Whether it is for fiscal or health reasons, or any other aspect of life, the attraction for Mauritius is justified.An advantageous tax systemThrough its ...Read more
Property in Mauritius : Careful when buying property in direct with an owner
Property in Mauritius : Careful when buying property in direct with an ownerCautionary note on real estate acquisitions between individualsOn real estate sites online, including in Mauritius, you can find everything in terms of prices, with vendors trying to sell their property in Mauritius directly to potential buyers at a much higher price than the market price. It is best to find your property through a good realtor in Mauritius, recognized and patented. The real estate agent will tell you if the sale price is in line with the property market in Mauritius, and will tell you if it’s a good deal or if the property may be ...Read more
All about tax advantages in Mauritius
All about tax advantages in MauritiusIt makes sense why many foreigners have chosen to relocate and invest in Mauritius: The tax advantages here rank amongst the top 10 in the world!Mauritius emerged no. 13 out of 190 countries and no. 1 in Africa in the 2020 World Bank Doing Business Report. This is a jump from 20th place the previous year and the highest for Mauritius since 2007.Here are some of the tax advantages in Mauritius for residents and foreign investors:• double taxation agreements with more than 40 countries• income tax rate at a flat 15 percent• no taxes on dividends, ...Read more
Non-Citizens can now buy apartments above Rs 6 m
Non-Citizens can now buy apartments above Rs 6 mReal estate investment is now available to non-residents in MauritiusNon-Citizens can now buy apartments in Ground + 2 buildings without necessarily having an occupational permit in hand, which was the requirement previously, and with no limitation on the number of units being bought and with the right to rent them out, which was not the case up to now.The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the ...Read more
Real estate in Mauritius : Construction legislation - the 10 year guarantee is being put in place
Real estate in Mauritius : Construction legislation - the 10 year guarantee is being put in placeTen Year Guarantee for real estate developments in MauritiusIt would seem that new regulations are being put in place in Mauritius, for the benefit of buyers of properties in real estate developments in Mauritius. Excellent news ! Read the article attached published in l’Express newspaper in Mauritius on 8 april 2013 (article in french attached).Read more
3 reasons why Mauritius is becoming a hotspot for South Africans to retire!
3 reasons why Mauritius is becoming a hotspot for South Africans to retire!‘IT’S NO EASY DECISION TO LEAVE YOUR COUNTRY, CULTURE AND PEOPLE, HOWEVER MAURITIUS SEEMS TO BE AN INCREASINGLY EASY TRANSITION FOR MANY RETIREES.’ When it comes to the crux of it there are three simple reasons why South Africans are willing to pack up their lives, put their property up for sale and make a new life in Mauritius. 1. SUN AND SURFSimply put it’s a paradise. The lure of palm trees, cocktails out of coconuts and the piercing blue ocean that you see on the front page of getaway magazine becomes a daily ...Read more
Mauritius: the right choice to invest in real estate
Mauritius: the right choice to invest in real estateMauritius represents an interesting destination for expatriates for many reasons. Whether they are looking for a new life or just motivated by an investment in real estate, foreigners have found in Mauritius the ideal place to settle. A wonderful quality of life, a good geographical location between Africa and Asia, tax benefits ... this island has it all. If you are looking for an interesting opportunity, here is one that you should grab as quickly as possible.A very solicited investmentMauritius allows aRead more
Mauritius Budget 2020-21 Real Estate related measures
Mauritius Budget 2020-21 Real Estate related measuresSince the 31st May 2020, Mauritius has resumed its normal business activity after the end of the confinement was officially announced. In this critical socio-economic climate, Dr the Honourable R. Padayachy, Minister of Finance, Economic Planning and Development delivered his first budget speech Thursday 5th June, followed by a week of parliamentary discussions.You will find below the measures relating to the real estate sector as well as the measures taken to encourage non-citizens to choose Mauritius as a destination of choice to retire, live, work and invest ...Read more
January-April 2021 and real estate in Mauritius
January-April 2021 and real estate in MauritiusInvited by ionnews.mu, our CEO Philippe de Beer shared some valuable feedback about real estate in Mauritius during these first few months of 2021.Philippe de Beer: "It’s a good time for real estate investment"The year 2021 took the same turn as the previous one, with a second confinement which, "fortunately lasted less" rejoices Philippe de Beer, CEO and founder of Park Lane Properties. " Although real estate activities continued at a distance, it was difficult to close deals. With the lockdown, the signing of authentic deeds was postponed and the process of engaging ...Read more
COVID-19 Bill: Landlord and Tenant Act amended
COVID-19 Bill: Landlord and Tenant Act amendedWith the world leaders meeting, discussing, and finding ways to ease the population back into the workforce and active life, there has been important amendements made to 56 laws in Mauritius.Concerning the real estate sector, article 30 of the COVID-19 law (Miscellaneous provisions) relates to amendments to the law governing the rental of property (Landlord & Tenant Act) listed below, and granting a six-month moratorium on payment rent for those renting professional, commercial and residential premises. The objective is to allow those who could not or cannot pay their rent during the ...Read more
“Force Majeure” and Coronavirus Disease (COVID-19) under the Laws of Mauritius
“Force Majeure” and Coronavirus Disease (COVID-19) under the Laws of MauritiusWhat is Force Majeure? A force majeure refers to the occurrence of an event which is outside the reasonable control of a party and which prevents that party from performing its obligations under a contract.Therefore, “La force majeure est un cas d’exonération de la responsabilité.”The “test” for force majeure is an objective test which requires the satisfaction of two criteria:-(i) Imprévisible (dans la survenance de l’évènement)-Unpredictable (in the happening of the event)Whether the event would normally be unpredictable ...Read more
The concept of PDS in Mauritius
The concept of PDS in MauritiusIn recent years, Mauritius has opened to foreign investment by setting up schemes and incentives to encourage and facilitate foreign direct investment. Several initiatives have been taken to allow foreigners to acquire real estate in Mauritius. The first real estate investment scheme was the IRS (Integrated Resort Scheme) launched in 2002, then the RES (Real Estate Scheme) in 2006. In 2015, the authorities combined various elements from the IRS and the RES under a new scheme, the PDS (Property Development Scheme), which was then fine-tuned with some changes.The PDS program for social ...Read more
Sports Activities and Leisure Attractions in Mauritius
Sports Activities and Leisure Attractions in MauritiusActivities around nature in MauritiusYou have decided to go to Mauritius as part of your next vacation? It is a perfect choice as this country in the Indian Ocean is a destination most appreciated by many travelers. With a focus on family, Mauritius stands out for its unmatched conviviality. For your holidays, enjoy the various activities you will find around the island.Swimming with dolphinsAdults and children will certainly be delighted to meet wild and free dolphins. Why not go to the Bay of Tamarin and Black River to discover these sublime animals that ...Read more
Rent property in Mauritius
Rent Property in MauritiusWhen investing in real estate, there are many ways to make it a profitable investment, and one of them is to rent it out. In Mauritius, the rental property market is booming. Whether for houses, apartments or studios, the demand for long term rentals is there. They can come from Mauritians, expatriates or students. To properly rent out your property in Mauritius, it is important to know the market and be well accompanied.The importance of the geographical location of the propertyAlthough properties that are located outside urban areas are sought after for calm ...Read more
Tax advantages in Mauritius
Tax advantages in MauritiusMauritius is ranked among the most ethical countries in terms of taxation by the Organization for Economic Cooperation and Development (OECD). As such, it attracts many foreign investors. Companies, individuals or retirees, all come to benefit from the tax advantages offered by this island with dream landscapes. A flourishing real estate market, a booming economy, a stable political life, not to mention the advantages of a tropical climate, Mauritius is a flagship destination for expatriates and foreign investors.An advantageous tax systemMauritius is one of the countries with the lowest taxes. ...Read more
Business Magazine interviews Philippe de Beer, CEO Park Lane Properties
Business Magazine interviews Philippe de Beer, CEO Park Lane Properties"Investment in commercial spaces has become more attractive than residential properties"25/10/2018. Business Magazine, the weekly economic magazine of Mauritius, asks Philippe de Beer for professional real estate advice:BM: What is your view on the evolution of the real estate sector since the beginning of the year?PDB: " The local real estate market remains very active. First of all, access to home ownership for an emerging middle class remains one of their primary objectives with ...Read more
What is so attractive with Mauritius and how is the property market ?
What is so attractive with Mauritius and how is the property market ?What is so attractive with Mauritius and why would someone come and live there ?Mauritius, a beautiful island in the middle of the Indian Ocean, situated in the ‘golden triangle’ connecting Asia, Africa and Australia, is undoubtedly one of the most attractive countries in the world to live in. An ideal combination of political and economic stability, a clean and safe environment, magnificient lagoons, great road infrastructures and relatively low tax rates make it the ultimate place of residence, easy air access, with a very convenient time zone with Europe ...Read more
Investing in Real Estate in Mauritius is Smarter Than Ever
Investing in Real Estate in Mauritius is Smarter Than EverWhite sand beaches, clear turquoise blue lagoons, lush tropical vegetation, untouched natural beauty, a favourable all-year round climate, beautifully designed homes… It’s easy to see how investing in property in Mauritius is becoming more and more popular with the young and the not-so-young.Many developments now offer sustainability, leisure, and commercial facilities, even schools, to complete the idyllic and privileged existence on one of the most beautiful islands in the world.“It’s not simply about buying a house, it’s about embracing a lifestyle. And ...Read more
International Schools in Mauritius
International Schools in MauritiusEducation in MauritiusThe education system in Mauritius is based on the British system as the island is a former British colony. The system is generally split up into pre-primary, primary, secondary and tertiary. The teaching of English and French is compulsory in all schools.Children enter primary school at age 5 and study for 6 years towards their certificate of primary education. After completing 4 more years, students write their O-Levels in at least 6 subjects. College-bound students continue for 2 more years in preparation for the A-Level examinations administered by ...Read more
BUDGET BRIEF 2016-2017 : measures relating to the real estate sector
BUDGET BRIEF 2016-2017 : measures relating to the real estate sectorThe Following measures will impact positively the real estate sector :REGISTRATION DUTIES· Exemption for a Mauritian acquiring a newly built dwelling costing less than Rs.6 million on land which is not on Pas Géométriques or within an Integrated Resort Scheme, Real Estate Scheme, Property Development Scheme or Hotel Invest Scheme during the period from 1 September 2016 to 30 June 2020.· Exemption for a promoter when acquiring land (which is not on Pas Géométriques or within an Integrated Resort Scheme, Real Estate Scheme, Property Development ...Read more
Buying buildable land in Mauritius
Buying buildable land in MauritiusA project to build a house depends, of course, on the acquisition of land. However, this cannot be done without giving it some thought and going through a process. The choice of the right residential land to build your villa is a decision that requires careful consideration for your real estate project. The ideal plot of land should meet a number of criteria related to its status to ensure you will be able to build on it. There are essential steps to take when embarking in the acquisition of land successfully.Choosing the right groundTo begin with, the first thing to do is to obtain the ...Read more
Customer Reviews Gain Weight in the Real Estate Industry
Customer Reviews Gain Weight in the Real Estate IndustryAfter conquering the tourism, hotel and ecommerce sectors, customer reviews are now gaining the real estate market.As individuals become increasingly demanding, industry professionals know not to underestimate their comments, or even capitalize on them. In a tense real estate market and with more and more volatile consumers, real estate professionals must offer an irreproachable customer service.When it comes to choosing a real estate agency to buy or sell a property, many individuals consider customer reviews, word of mouth or the advice of friends as essential ...Read more
Real Estate in Mauritius & Park Lane Properties : An overview of 2020
An overview of 2020The end of the year is already here and it’s time to breathe a huge sigh of relief when bidding goodbye to 2020 !It is with prudence, but also with a small tingle of excitement, that we all look forward to starting a new year ... anticipating that it will bring its load of promises and hope for everyone.When reviewing 2020, I am sure you fully agree with me that it was a very challenging year for everyone, far and near.Challenges lead to Adaptations and Record Results ...Read more