The least we can say is that the craze for real estate in recent years, combined with the economic gloom that haunts us from the beginning of the global recession in 2008, has led to an unprecedented surplus of offers all levels: office space, land, apartments and even niche IRS / ERS (Integrated Resorts Scheme / Real Estate Scheme).
In contrast, the land sector specialists note a certain stabilization of land prices in recent years. "Regarding residential land, there has been no price increase over the last three years, " says one of them. Adding that it follows significant increases during the period from 2002 to 2008.
Thus, to fathom Ebony now costs nearly Rs 25,000. Same as Sodnac, whereas Black River fathom the price can vary between Rs 15,000 and Rs 30,000.
Facing oversupply, a market correction seems imminent. "This surplus spaces will cause an automatic adjustment of property prices, prices that are closer to the realities of the market " , for its share , Swadicq Nuthay, economist and Chief Executive Officer of the group Axys .
He observed before the crisis, the price of luxury villas had soared due to strong demand from foreigners. According to him, the craze for expatriates IRS had artificially raise the rent for this type of residence. So much so, he said, there was a concentration of expatriates in some coastal regions.
Yet despite massive inflows of foreign investment, even the IRS niche / ERS suffers from a lack of buyers: only 1,122 of the 4,288 villas IRS / ERS approved today by the Board of Investment were sold adécembre the last year.
The possibility of a bubble being rejected yet, is that a price collapse worries. The measures taken by the Bank of Mauritius in October last year to contain the credit construction, among others, could well worsen the situation, especially as several real estate projects already difficult takers.
For Kentish Moorghen, Chartered Valuation Surveyor , the priority now is to facilitate access to housing for the middle class.