The Director of Barnes Mauritius, Outi de Falbaire, gives us her expert advice on the property market in Mauritius and expains to us why the country still offers some great investment opportunities.
How did the property sector evolve in the past 10 years in Mauritius ?
In the beginning when the market opened to the foreign buyer, the choice of property was limited to luxury villas. it was thought that if you didn’t have millions you could not invest here. As the years went by, and with the introduction of the RES legislation in 2007, a larger choice of developments with a wider range of price and properties with good rental potential were released on the market – thus opening the destination to new type of investor. More than 1,800 upscale properties have been sold over the past 10 years. Mauritius is still a very sought-after country to acquire a secondary house or for candidates for expatriation.
Only positive then?
Of course, it is not all black or white. The property market for high end properties is still quite new in Mauritius : we’re talking about only 14 years. As a new booming sector, the early days have encountered their difficulties, some promises were not kept in terms of quality or rentability – and investors, for fear of lack of availabilty to acquire in the future, perhaps made some hasty decisions wihtout taking the time to seek solid advice before buying.
Fortunately, the market has evolved and today there are a lot of positive things going on. Promoters have learned from their past mistakes and from the customer experience. Real estate agencies are better structured and trustworthy brands are now present on the island to guide clients and help them make a wise choice. After the first phase of "live and learn", we are now in a healthier phase. The buyers of today are therefore in a good position: they have many more choices and benefit from a unique feedback to find the villa or the apartment that suits them best.
What are the major challenges facing the property developers in 2017?
The challenge for the sector is to maintain a very high quality and good price/quality ratio. In my opinion, sales off-plan will become more and more difficult. Our buyers today are more prudent than in the past and want to know with whom exactly are they dealing with. Off-plan sales will continue to grow for the well-known operators, but small or new promoters will have more difficulties.
This is why developments such as O’Soley in the heart of Grand Bay are very sought after. The development is proposed off-plan and the buyers are reassured by the history of the promoter Know-House / DLB who have already delivered twenty high-end complexes on the island. The proximity to the sea, the value for money property and Barnes Seasonal Rentals looking after the rentals and property management together form the key factors that make the success of this brand new development expected to be delivered in 2018.
When we talk about property in Mauritius, Barnes is often cited as an example. What makes Barnes stand out in Mauritius?
Our clients come to make a significant investment in Mauritius and they like to be guided by a real estate company of a well-known brand. We work with promoters we know and trust and present properties we believe in. Today, we are also the only international real estate agency in Mauritius offering a turnkey solution: from the arrival of the client, prospecting, acquisition, all the way to rental (if this is a chosen option) and full management of their property. Often clients do not know that agency fees are borne by promoters on off plan developments and that being advised by a qualified agent bears no extra costs. Barnes is a high end brand and for us luxury translates into an extraordinary and luxurious service to our clientele.
BARNES INTERNATIONAL REALTY:
Grand Baie, Floreal, Mahebourg.
Phone : +230 263 3069.
Mobile: +230 5729 0260.
Email : [email protected]
