Apartments located on the coastlines and other priced regions are being sold at higher prices, sometimes reaching Rs 17 million. This could be explained by the expensive material prices.
Apartments located on the coastlines and other priced regions are being sold at higher prices, sometimes reaching Rs 17 million. This could be explained by the expensive material prices.
Rs 17 million for a duplex in Pereybère, Rs 5 to 9 million for an apartment at Rivière-Noire, Rs 4,5 million for another one in Pointe-D’Esny. The apartments’ prices are exploding on the coastline. A situation which, according to Kuian Cock from First Option Royalty operating in the West and in the North and Iqbal Muthy from the Pieter Both Company in the North, is caused by the expensive labour and other material cost. Some, on the other side, involved in the same industry, do not understand those exaggerated prices.
In town, the prices are slightly more affordable. They vary from Rs 2,5 million to Rs 3,5 million. The most expensive apartments are located in Quatre-Bornes and Rose-Hill. Real-estate agents’ attention is oriented towards Ebène. A house is rented at Rs 40 000. After a gloomy 2009, it seems that the recovery is taking place. A real-estate agency’s source even confided to us that, in his boss absence, apartments prices in towns started to increase.
Kuian Cock, director of a real-estate agency found in the west, agrees that prices are equal to the proposed services and to a valued region. Despite the higher prices, there is an increase in the market’s demand according to him. He stated that he is selling apartments at La Preneuse, Tamarin and Calodyne at Rs 5, 5 million.
“Some promoters are exaggerating”
For Iqbal Muthy who sells two-bedrooms apartments at Péreybère, there is a price boom. Some promoters are exaggerating prices but to survive, we are trying to take a restricted profit margin according to him. Like Kuian Cock, he confirms that the demand is increasing. He states that he sells “luxury apartments” at Rs 2, 5 million and sold bungalows at Rs 3, 5 million in less than three months.
Regarding his clients’ profiles, Kuian Cock underlines that there is not only the “high bourgeoisie” who is buying houses. Several senior managers and executives are interested by those apartments, the uppermost of those residences being the region.
“Fifteen years ago, when a Mauritian bought a parcel of land in Rivière-Noire, it was not of great interest. Today, it is one of the most priced regions. We do not carry out those projects in Flic-en-Flac, which became a crowded coastal area. There are no demands for this region.”
After the prised coastal area, Iqbal Muthy turns to Ebène. “Soon, many real-estate projects will be implemented there. Furthermore, I’m about to acquire land in this region.” Apart from the nearly wed couples, retired Mauritians living abroad are also interested by those acquisitions. They are not intimidated by those million.” Indicates Iqbal Muthy.
However, Gian Bissoonauth from A&A Marketing adopts another tactic. His competitors compare him to the killjoy of the real estate market, accusing him of “disloyal competition”. Critics ignored by the chief-party. “This is not true. We found a new formula and it is not necessary to demonize us.” He underlines “We also need to counter the buyers’ fears who are often unwilling to invest. This is due to the financial crisis which slowed the sales. “
He chose to target a middle-class customer base. He sells apartments in Goodlands at Rs 1 million. Others are sold in Péreybère at Rs 2, 5 million. This contrast with the market’s prices explosion. This paradox is explained by the land’s price.
“I don’t understand how apartments can be sold at Rs 7 to 8 million, even though it contains luxuries. It’s exaggerated. I paid mine at Petit-Village and cannot see why my clients would pay more expensive prices. Another famous concept is that I deliver the apartments without tiles in order to allow the family a personal touch.”
After Grand-Gaube and Péreybère, Gian Bissoonauth will be positioned near Flic-en-Flac and Port-Louis for the sales of apartments which prices will be of approximately Rs 2,5 million.
