During the presentation of the 2022-2023 Budget on Tuesday 7th of June, the Minister of Finance, Renganaden Padayachy announced several measures, intended for both foreign investors and Mauritians, in an attempt to boost the real estate sector.
To begin with, the beneficiaries of a Residency Permit will be able to acquire a residential property other than existing plans, with a minimum of 350,000 dollars against the formerly 500,000 – provided that they contribute 10 % to the solidarity fund.
To encourage more foreign retirees to come and settle in Mauritius, the Economic Development Board (EDB) will organise a first edition of the ’Mauritius International Silver Economy Festival’. A sum of Rs 200 billion will be allocated to the EDB for the private real estate sector.
The Budget also provides for the establishment of a Construction Industry Training Council (CITC). The purpose of this council: provide better training for the workforce.
In addition, the Construction Industry Development Board (CIDB) and the Building Control Advisory Council (BCAC) will be merged into a new entity, the ’Construction Industry Authority’ (CIA).
To facilitate the acquisition of a house for each citizen, the ’Home Ownership Scheme’ and ’Home Loan Scheme’ involving reimbursement of 5% up to the height of Rs 500,000 will be maintained for another year.
On the other hand, each spouse, married under the ’Corps et Bien’ matrimonial regime will benefit from an exemption from registration fees on the first acquisition. On the social level, the Budget provides for the construction of 13,758 housing units by 2024.
Small real estate entrepreneurs, in the same vein, shall exclusively benefit from contracts of less than Rs 20 million.
Finally, a measure that will not fail to delight property owners in urban areas: the pure and simple abolition of the municipal tax.
