Since 2005, when the first sale of property under a foreign ownership scheme was recorded, the Mauritian property market has seen the transaction of 5,396 luxury homes, totaling a value of Rs 156.6 billion. Of these sales, 4,618 homes were first-time purchases, while 778 were resales. These are the findings of the Economic Development Board’s report entitled ‘Highlights of the Property Market in Mauritius’. The report forecasts that the market will reach its 6,000th sale this year.
Investors by nationality
The main buyers in the Mauritian property market under the IRS, RES and PDS regimes are mainly of French origin (42%), as well as South African (22%). The ten nationalities most represented in this market account for 90% of investors, while Mauritian buyers make up only 9% of the total. In all, 76 different nationalities have invested in the island’s property market.
Investors by age
In terms of the age distribution of buyers, there is a predominance of people aged over 50. In fact, 39% of buyers are under 50. Since 2010, the proportion of buyers aged over 50 has become more marked, exceeding 60%, with an increasing presence of buyers aged over 80 in the 2020s.
Interest in the Mauritian property market is soaring!
Other eye-catching figures: In 2022 and 2023, the volume of sales jumped significantly, with approved demand and sales potential combining for Rs 44 billion. Completed sales during this period set new records with Rs 14 billion in 2022 and Rs 23 billion in 2023 respectively.
Between 2006 and 2023, 47% of foreign direct investment in Mauritius was in real estate, representing Rs 152 billion. 70% of foreign direct investment in real estate is in residential schemes. In 2023, FDI inflows reached a record level of Rs 37 billion. Of this, around Rs 14 billion came from residential schemes, while real estate activities reached a record Rs 21 billion.
Outlook for the future
To better understand future developments in the property market, it is crucial to examine the economic and political trends influencing the sector. Forecasts suggest continued growth, with resident and foreign investment expected to continue to drive the market.
In summary, the property market in Mauritius continues to show signs of dynamism, with sustained growth in sales and strong international interest. The outlook remains positive, with strong demand expected over the next few years.
If you are considering investing in real estate in Mauritius, Evaco Property is the ideal partner to support you in your project. With local expertise and in-depth knowledge of the market, Evaco Property will guide you through your investment, offering personalized advice and solutions tailored to your needs.
