On the eve of the new 2024-25 budget, let’s take a moment to reflect on some of the key measures announced in the previous budget and their impact on the real estate sector. The 2023-24 budget introduced several significant changes aimed at supporting property ownership, regulating transactions, promoting sustainable development and encouraging collaboration in the construction sector. Below are some of the measures in the budget 2024-25 aimed at the Mauritian real estate market:
Extension of the Home Ownership Scheme
To promote affordable housing, the government has extended the Home Ownership Scheme (available only to Mauritian citizens) for a further year. The government will reimburse 5% of the value of the property, up to a maximum of 500,000 rupees. All applications must be submitted through a notary.
Home loan payment scheme extended
Designed to help individuals who have taken out a secured home loan, this initiative has been extended until 30 June 2024. This measure offers relief and flexibility to borrowers, enabling them to manage their loan repayments more effectively.
Extension of time limit for acquisition of serviced land by non-citizen residents
The time limit for non-citizen residents acquiring serviced land in smart cities where PDS projects are located has been extended to 30 June 2026. This extension gives non-citizens additional time to invest in these designated development projects, encouraging inward investment and promoting economic growth.
Acquisition restrictions and additional registration fees for non-citizens
Non-citizens holding residence permits or occupancy permits (as principal applicants) will be entitled to purchase a residential property outside designated schemes (Smart City and PDS). However, the property’s price must exceed USD 500,000, not exceed 1.25 acres and not be on public land. There is an additional registration fee of 10% which will be applied. These measures aim to balance foreign investment while protecting the local property market.
Residence permits for retired non-citizens and their families
Retired non-citizens and their families can obtain a residence permit by acquiring a property in a PDS project dedicated to the elderly, provided that the purchase price exceeds USD 200,000.
The sustainable city scheme
A foreign national and his/her family will be granted a Mauritian residence permit for the purchase of a property with a minimum selling price of USD 375,000 under this new scheme.
These measures are designed to bolster home ownership, regulate transactions and stimulate collaboration in the construction sector. As we prepare to discover the new 2024-2025 budget proposals, it is crucial to understand the impact of previous measures and seize the opportunities they have created.
Stay tuned for more information on the forthcoming budget!
