Mauritius Property Market Fuels GDP for 2013

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Mauritius has a reputation as a holiday island paradise and a recent report from African Economic Outlook highlights how the residential property market there is standing up to the global economic downturn.

The north east coast of the island, Azuri, is witnessing a continuing high demand from foreign investors who benefit from attractive tax conditions.

The government of Mauritius has pinned its hopes on the domestic property market and new construction projects as being a significant contributor to the island’s GDP throughout 2013 by driving growth and providing employment opportunities on a large scale.

The projects already underway include some of the island’s famous sugar plantation estates turning over some of their agricultural land for development into retail units and residential developments aimed at up market overseas buyers.

Investors willing to spend $500,000 or more on a property can reap the rewards of the Integrated Resort Scheme (IRS).

However, newer projects are also aimed at providing for the indigenous population as well as tourists and expats. Azuri is the focus for a new model blending residences for both Mauritian and foreign owners to live side by side.

The IRS scheme means that there are no restrictions in terms of the acquisition of residential real estate by foreigners, and high end buyers from the UK, Europe and the UAE are amongst the most active investors.

The island continues to be most popular among French buyers, many of whom are moving money out of France to avoid the new tax regime.

The Azuri project is the only IRS scheme with a price range from US$500,000 to US$825,000 as the average price in Mauritius for IRS is US$1.6 million.

Introduced by the Government in 2002, the scheme allows international buyers and their dependent family to become Mauritian residents as well as benefit from a 15% flat tax rate.

Moving money abroad means dealing with international currency markets. Before making a decision on how to send money abroad, it is worth bearing in mind that exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

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Mauritius Property Market Fuels GDP for 2013

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