Mauritius | Real Estate

February 19, 2013

Investment: RES and IRS no Longer Cote d'Amour

A few years ago, the RES projects (Residential Estate Scheme) and IRS (Integrated Resort Scheme) were the most powerful magnets in foreign direct investment in the country. With a thousand villas sold to date, the account looks good. However, in 2011 and 2012, a slowdown was noted in this activity.

Some RES projects, backed out of the 52 have not yet started, while others struggle to attract buyers. The European heart of projects target RES  / IRS, was much more cautious due to the crisis. However, developers do not drop your arms, many are turning to new markets with high growth potential such as South Africa.

Almost 1000 villas sold to date

To date, 362 homes RES and 602 villas IRS were sold. A not inconsiderable figure, although the trend indicates that the business is no longer as prosperous. For the 52 projects approved by the authorities RES, 27 are under construction, while the rest has not yet started. Among the completed projects, many are struggling to attract buyers. The crisis in Europe, target market developers, has dampened the enthusiasm of potential buyers.

Before European countries are affected by the current crisis, many foreigners were to show an interest in these residential projects. RES plan was launched in 2009. Of the 362 homes sold at the end of 2012, 51 were in 2009, 45 in 2010, 101 in 2011 and 165 last year. The 165 reported Rs 2.9 billion in terms of foreign direct investment. From 2011 to 2012, the sale of residential RES has increased by 62%, which represents an increase of 56% in terms of European investment. The projects are mainly located in the north and west.

Regarding the IRS from 2008 to 2010, there were investments of Rs 6 billion on average every year. But in 2011 and 2012, investments totaled Rs 7 billion for two years. 2008 was the year in which the sale of villas IRS has peaked. That year, 157 houses were sold. The sale was subsequently declined and they are only 35 villas were sold in 2009, 38 in 2010 and 62 in 2011. Last year, 95 houses were sold, an increase of 53%. In terms of income, since 2008, the government earned Rs 32 billion with the IRS. This year, two new projects are planned IRS: Cliff of Mon Choisy and Macondée.

 

Text by Le Matinal
 

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