Mauritius | Real Estate

April 10, 2014

IRS and RES Attract Less Foreigners

From 2005, when the concept of the Integrated Resort Scheme (IRS) has been launched to date, 500 houses were sold. But it is clear that foreigners are less interested in luxury apartments.

Evidenced by the gloom in the real estate sector. Especially since the beginning of the year. " There is a slowdown in business and it is becoming harder for developers to sell luxury apartments to foreigners, "admits a liaison between customers and developers.

The agent, who started in real estate in recent years, has witnessed the boom experienced by the sector in 2012. Several major projects have also sprung up this year, including the La Balise Marina , in Black River. Or, highlight the estate agents; foreigners are less fond of the Mauritian homes.

There are already a few months that we have ceased to rely on foreign customers. Not that interests us more, but we noticed that foreigners are interested less in the concept says Mohamed Goolam Hossen, Director of Quadricolore  Properties Ltd, which deals in particular with the customers of apartments Azuri and villas Valriche. “Mauritians that buy luxury homes are potential for us now. "

According to this agent, there first has the price factor but also other expenses that come with maintaining a luxurious residence that discourage potential buyers.

There is also the fact that many foreign investors have been scammed. The villas and other residences IRS and Real Estate Scheme (RES) are governed by the legal framework of the sale prior to completion (off plan). In doing so, the buyer files a part of the amount required prior to construction, allowing the developer to raise money for these projects. " There have been developers who have faced financial difficulties and have never been able to complete their project. And the purchasers, they lost a lot of money. It does not help the industry, "argued another real estate agent.

 

Text by lexpress.mu
 

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