Mauritius | Real Estate

April 23, 2014

Real Estate: Troubles of Local Projects Affect IRS / RES

The subject divides. On one side there are observers who are skeptical about the success of real estate projects in Mauritius and talk about market saturation. On the other hand, there are optimists who believe firmly that the Mauritian property has a bright future.

Cease to amalgamate local real estate projects and those falling under the new concepts, such as the Integrated Resort Scheme or Scheme Residential Estate! This is what supports Soonita Ramgobeen, Sales Manager of City View Development Company promoter of a RES project in Phoenix with the name Imperial Garden. "There are not many projects or IRS RES crumbling," she says, while regretting that the misfortunes of the local real estate projects, which often have "too high expectations" or "bad market studies, "bleed on the sector RES / IRS.

Although not all projects "will not collapse," as our interlocutor, some, like the RES project Port Chambly in Le Goulet, experienced significant financial turmoil. For Soonita Ramgobeen however, real estate projects in general, and RES in particular, continue to raise the interest among foreigners. She speaks here of well-crafted projects with good market research.

The RES is not subject to any minimum price. It applies to smaller real estate projects but does not get a permanent license like the IRS, that when the bar is exceeded 500,000 dollars, offers a bonus for permanent residence.

Attractive tax system

Imperial Garden has a wide portfolio of international clients and varied from La Réunion, Madagascar, Kenya and South Africa. "Mauritius has an attractive tax system, but also a political and economic stability and security that reassure potential buyers.

Malagasy, in the not too distant past, turned to Dubai for their real estate acquisitions. However, some have paid money for projects that were never born. Many are turning to Mauritius offers concrete. The Reunion and French, themselves, chose Mauritius including its low taxes, "she explains.

Mauritius, she says, has it all and make the concept a success RES. More accessible than the IRS, RES offer interesting investment opportunities for investors looking for good performance, she said. This particular with the possibility of the rental pool, which offers the opportunity for customers to rent their apartments or villas, via the promoter company, and have an attractive return on investment. City View Development has, in effect, transform the Imperial Garden in an apartment / hotel with on-site management company to take care of customers. "Mauritius welcomes more and more foreign expatriates. And not everyone has the ability or the desire to live in hotels.

Those who invest in RES projects or IRS does not have all the intention to live there. The rental pool scheme therefore offers the opportunity to rent their property and to make money, "says Soonita Ramgobeen. The Imperial Garden, which requires an investment of Rs 4 billion, is arranged in four phases. The first phase is already 'booked' by 50% within one year of sale.

 

 

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