After two years of turmoil due to lockdowns, one naturally wonders what 2022 has in store. Though the real estate sector faces a wave of uncertainty, property experts hold a somewhat optimistic view. They believe that investment in real estate remains a worthwhile endeavour.
“We have been in high demand throughout 2020 and 2021, mostly from Mauritian customers, who constitute 80% of purchase requests in both years. Our sales and rentals dropped only slightly from the period of January to September between 2020 and 2021 (-4%), but we registered a 6% increase in the number of transactions. We feel very confident for 2022, with our borders being opened since October and demands increasing exponentially”, states Philippe de Beer - CEO of Parklane Mauritius.
Numbers show...
Considering the 2020 and 2021 lockdowns, the number of enquiries for property for sale or rent amounts to over 256 million. Since the announcement of the reopening of borders, demand has increased, reaching 36.6 million searches in the last quarter and more than 47,649 leads - compared to the three months of lockdown in 2020. *
As for supply, from July to September 2021, the real estate market experienced a gradual increase in sales (+ 33% in volume between July and September) and stability in average prices. Sales volumes in August and September are among the highest since July 2021. **
“The Mauritian real estate market has the right dynamism as it constitutes a safe investment in times of crisis. Both Mauritians and foreigners are still investing in real estate, particularly in well-established residential destinations with a well-managed environment as a result of long-term planning. This will undoubtedly intensify in the coming weeks thanks to the arrival of tourists and potential investors,” highlights Alexandre Gellé - Head of Sales of Anahita Mauritius.
According to Abraham Rawat, Head of Retail at MCB, the trend indicates an upturn, despite a slowdown in transactions following the two lockdowns. Demand for land acquisitions within the parcelling projects is still strong.
“We are optimistic that we will keep sustaining our levels of service, with a range of online services that enables our customers to process transactions at their own convenience. They can submit their application for a Home Loan, offered at a particularly attractive rate, via our Online Mortgage Application and receive an agreement in principle within 48 hours. Our Appointment Booking Service simplifies the process of scheduling appointments with our advisors, enabling customers to initiate the process in a flexible manner. These services, coupled with the government’s recent budgetary measures, do encourage property investment.”
* Source: www.lexpressproperty.com
** Source : Rapport 3ème trimestre 2021, Marché immobilier à Maurice par Market Trends Ltd
