Welcome back to the second season of 2-minute Tuesdays, your weekly briefing of the important facts and updates of the property market in Mauritius. It’s in beautiful Chamarel, where panoramic views await, that Timo Geldenguys, Director of Mauritius Sotheby’s International Realty, will bring you up to speed with the latest developments in the Mauritian property sector.
Timo Geldenhuys: Notably, 2022 was a phenomenal year for property in Mauritius, mostly considering that for the years preceding the Covid-19 times and 2021, we had up to about just under 400 sales in regulated schemes.
But then, 2022 came along and over 600 units were sold. That’s apartments, villas, duplexes… across all regulated schemes, amounting to a total sales value of about MUR 15.4 billion.
Now, the good news is that 2023 is superseding that as we’re anticipating a growth of about 1.8%. Indeed, in the first quarter of 2023, we have already exceeded MUR 4 billion in sales, and it’s been nothing short of phenomenal.
The markets that are consistently fueling this demand include the French market and the broader Francophone markets which continue to be the primary drivers of property investments on the island. There is interest from South Africa obviously. The Middle East is coming through as a market and what’s interesting is that because of the geopolitical issues in the Northern European area, we’re seeing an increase in demand from countries like Germany.
A particularly interesting observation in the post-Covid era, and one of the key takeaways from recent developments, is the shift in property market preferences. Before covid, there was a substantial demand for off-plan properties, with comparatively less interest in already built properties.
However, this trend has now reversed, with demand for already completed properties matching that of off-plan properties. The resale market is thriving, and this can be attributed to people’s desire for instant gratification. Buyers are looking for properties they can purchase and move into within a short span of 2 to 3 months.
This change in dynamics represents a notable transformation in the real estate market.
Timo Geldenhuys: We are witnessing significant growth, and the real estate sector is making a substantial contribution to the national GDP. So far in 2023, over 50% of the Foreign Direct Investment (FDI) flowing into the country is attributed to real estate sales. This gives you a quick snapshot of what has been unfolding since my last update.
These dynamics are truly fascinating, and in the upcoming weeks, we’ll delve into a range of other interesting topics. In the meantime, it’s great to be back. If you have any property-related inquiries or needs, please don’t hesitate to get in touch with us at Mauritius Sotheby’s International Realty.
If you have any questions, contact us – firstname.lastname@example.org
Published on October 31, 2023 by Laetitia Melidor
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