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Partner | Mauritius Sotheby’s International Realty: 
“We have increasing requests from professionals who want to live and work in Mauritius”

Despite the sanitary crisis, the real estate luxury segment is promising with sales of over Rs 5 billion for the first five months of 2021. What explains this?

Firstly, the ongoing situation with the global pandemic explains part of this. Priorities have changed, investors are now looking for more than an investment destination, they want the quality of life and enjoy the safety aspect. Here, on the island, they can find this.

Mauritius is relatively Covid-safe and the vaccination campaign is progressing fast with the full reopening of the borders in October. It is noteworthy that more than 600,000 Mauritians have already received their second dose of vaccine and this brings us closer to the goal of herd immunity, so Mauritius can definitely offer peace of mind when it comes to this.

Secondly, of course, it is clear that the country’s main assets remain our democracy, political stability, tax benefits, and our favorable business environment.

Mauritius is much more than a paradise tropical island, and the Economic Development Board (EDB) has launched several campaigns to attract investors to our destination.

What are our main markets?

I would say that the market is divided. There is the entry-level, i.e, those who opt for the minimum investment of USD 375,000 to obtain the residency, and there are those who are looking into the high end in luxury properties.

In general, the former is mainly for the African region, especially South Africans, and the latter for Europeans and the Middle East.

With our experience and expertise, at MSIR, we work with both categories as long as the developers have quality products and a good reputation in the real estate sector, we are then confident to market and sell these products, whatever the price category.

What about the rental market?

The recent budgetary measures, including the extension of the Occupation Permit period to ten years and other EDB incentives, certainly had a positive impact. We are also receiving more and more requests from professionals who want to live and work in the country. At the moment the greatest demand is from the South African market, especially given the instability in South Africa. This clientele does not necessarily want to buy a property, but they are more inclined to rent.

What can you say about the rental price trend in the local market?

Well, you can find anything, but the general trend is between Rs 40,000 and Rs 250,000 per month.

However, there is also that niche clientele that seeks to rent beach properties and luxury villas costing in excess of USD 10 000 per month, for a year. In this case, it is mostly businessmen who come here for a gap year that are concerned.

The outlook for the global economy is not encouraging for 2022, what about the impact on luxury real estate?

To be honest, I’m not worried. Given the global trend, it’s clear that those who are already wealthy will remain so, and instead, they are taking the opportunity to invest in real estate, especially in destinations like ours, and they will continue to buy.

What are Mauritius Sotheby's International Realty's ambitions?

Our ambition is to be the most influential real estate agency on the island and to have the lion’s share of the property market; be it for sales or rentals and new markets.

I must say that we are working hard to achieve this goal, and we are recruiting  the very best agents, thereby strengthening our team, to offer the best possible service to our clients.

Published on August 30, 2021 by Laetitia Melidor