Investing in a newly-built property offers numerous advantages and buying a real estate asset in Mauritius adds to them. The schemes devised by the Mauritian government in order to encourage foreign investment in the real estate sector are indeed very appealing. The legal framework instills trust in the potential buyer and provides peace of mind.
Real estate projects in Mauritius
The purchase of real estate asset in Mauritius by foreigners has been made possible in 2002. The PDS was established in 2015 and includes what were previously known as the Integrated Resort Scheme (IRS) and the Real Estate Scheme (RES) respectively. You may also choose to invest in either of the following real estate projects: the Smart City or the Ground +2 apartments.
High-class properties are available under the scheme. These provide access to leisure activities such as swimming and golfing as well as services such as housekeeping and 24/7 security. Moreover, upon purchasing an apartment, penthouse or villa costing more than 500,000 USD and spending at least 6 months per annum on the island, the buyer obtains a permanent residence permit.
Advantages and secure real estate investment in Mauritius
The nature of the fiscal laws of the island attracts a great number of foreigners. Residences under the aforementioned real estate projects are mostly located in coastal villages, resulting in the absence of property tax on them. Moreover, the contract of Vente en l’État Futur d’Achèvement (VEFA) guarantees the completion of the construction of property, should any issue arise. Payment is made through installments at different stages of the work done, assessed by an architect. Once the sales deed has been signed, the buyer becomes the legal owner of the property.
Positive aspects regarding the purchase of a newly-built property
The VEFA contract allows one to have control over the construction and furnishing of one’s residence. Furthermore, older buildings tend to have unpleasant surprises in store for both the eye and the wallet. Renovation generally costs a lot and in some cases may even exceed the cost of a new house. Your budget might not be ready to accommodate plumbing, painting and roofing expenditures in addition to the cost of an old house. So why bother when you can enjoy a residence of high quality, customised to your liking, set in a wonderful landscape and granting access to leisure and services?
Another important point to consider is that the energy consumption of many old houses tend to be more than that of new ones. The latter are more suitable for renewable energy producing structures for instance. Consequently, they will save you more money on the long run. Modern houses are also more comfortable. Besides, the areas in which residences under the real estate projects in Mauritius are situated have amazing landscapes with sea and mountain view. If panoramic settings are important for you, you might want to go for one such house.
The purchase of a newly-built house in Mauritius undoubtedly comes with an increase in status and financial advantages. It is a safe investment, knowing that your rights as a buyer will be fully protected by the law. If you wish to buy a luxurious property in Mauritius, please contact our real estate agency in Grand Bay. We are here to inform, advise and guide you through to the best find.