Buyers for Affordable Property Market
INVESTING IN THE MAURITIAN PROPERTY MARKET
Many people take their first steps into the property market via an entry level investment. The first-time buyers should consider the following before investing.
People looking to buy their first property in Mauritius cannot go wrong by buying from a Real Estate agency with a good name and strong record of accomplishment. There are millions of people in South Africa and Europe, waiting to take the first steps into the booming Mauritian property market, and most of them are looking for properties between 350 000 Euros to 750 000 Euros. The message here - there is never a wrong time to invest in property if you seek advice from an accredited source! Opportunities to enter the affordable housing market are opening up, so invest now and start growing a value of your investment.
It is important to make sure that the development is registered in Mauritius and approved by the Economic Board of Development (EDB). If the development has already erected a show house, it is advisable to visit it and assess the quality of the workmanship and finishes. Make sure you are getting good value and quality.
Buying a cheaper property from an unknown agency, could result in problems down the line. Do your homework.
RE/MAX 24 Mauritius has various affordable opportunities on offer, some of those in the North include, The Secret, KI Resort Apartments and Orchid Villas. Located around Grand Baie, these properties are very popular in the North of Mauritius. They are ideal for investors seeking good value and that hold good rental prospects for future income. The investor, or potential tenant will enjoy a range of facilities on offer at the residences.
Developers are launching creative payment options, the latest being an exceptional 9-year payment plan for people who wish to invest in Mauritius and have 50% cash to put down. Two bedroom / two bathroom, and three bedroom / three bathroom apartments are available to suit different budgets. The Secret provides a very unique offering with great projected returns, with an investment of from € 449 000 (all inclusive). Our entry level properties available to foreigners start at ± €170 000.
What are the steps to buy a property in Mauritius?
- Identity the property that you feel is a good investment through REMAX 24
- Open an account with a local bank whilst you're shopping around. We recommend MCB or Banque des Mascareignes for the opening of a local bank account.
- Sign a reservation contract for the unit (cross check if the selling price of the property includes VAT and all related fees or not). A qualified REMAX 24 agent will be able to assist you.
- Pay a deposit into an escrow account (the notary will take responsibility for preparing all documents relating to the sale)
- Prepare your application to acquire a property in Mauritius (from the Economic Board of Investment / the Prime Minister's office - all foreign buyers have to be approved by the government) and submit all the relevant KYC documentation (REMAX 24 offers this as a service to all their clients)
- Complete your property acquisition by signing the deed of sale.
Another popular question: How to obtain a Residence Permit in Mauritius?
You will want a permanent residence permit if you are planning to spend more than 6 months per year in Mauritius (this is the period allowed on your tourist visa allows, unless you have an occupation permit, investor permit or retirement visa). To be able to get a residence permit through the acquisition of a property, you will to buy a property with a minimum value of US $ 500, 000 under the IRS/RES/PDS/SC schemes (put in place by the government).
Note: To clear misunderstanding, you can obtain full ownership of the property without a local partner.
The value of the properties increase every year, which means the sooner you buy, the sooner you can benefit from an increase in the value of your investment. With a rise in the buyer's demand, property investment in the Mauritian property market is expected to continue growing over the next few years. Properties in Mauritius are sure to continue to offer investors impressive yields.
Do your homework before investing in the property market. If you are a first time buyer or want professional advice, our RE/MAX 24 team will guide you throughout the process.
Author: RE/MAX 24