Mauritius is today recognized as one of the best countries in Africa in terms of investment. Numerous advantages such as the living environment, the quality of life, the tax benefits, the political and economic stability make it an unavoidable place to make a quality investment. The diversity of its real estate is also very appreciable. All these elements impact the real estate market and its prices. In this article, we will discuss the evolution of prices in Mauritius as well as the trends for the future of the market.
The evolution of prices in Mauritius:
For about twenty years, we observe a total evolution of Mauritius. Indeed, the island through its new infrastructure, its new highways, its new schools and universities is developing considerably. We observe a change in the behavior of Mauritians who wish to acquire a property. They are therefore major players in the development of the real estate sector. Adding to this the increasing number of foreign investors over the last few years, the real estate market and the law of supply and demand are gradually rebalancing. All this has naturally led to an increase in real estate prices on the island over the last twenty years. For example, in order to buy a new apartment, you will need to pay between 200,000 and 350,000 euros. Of course, prices will vary depending on the region and the proximity to the sea, amenities etc.. However, we can see that prices are soaring in all regions due to this increase in demand.
The future of real estate in Mauritius:
Mauritius has like all countries in the world suffered the health crisis of the Covid-19. The impact on the real estate market has been very strong since for almost a year real estate transactions that were booming have completely stopped. This is explained by the fact that foreign investors wishing to settle and invest on the island could no longer travel and visit the island.
It is now very difficult to predict the future of the real estate market in Mauritius because we do not have enough hindsight on the situation. However, we remain very optimistic because the reopening of the borders is scheduled for mid-July. Thus, many foreign investors will again be able to visit the island and the real estate market should therefore start again. We believe that the rental market should be booming quite quickly after the reopening of the borders because many properties (villa, house, penthouse...) are again available on the real estate market. As far as transactions are concerned, the market should also take off again quite quickly. Our BARNES teams have never stopped being present and active during this period of health crisis and we remain at your entire disposal for any information.