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Mauritian and Foreign Buyers Rush to Buy Land, Price Shoot Up by 25%



Mauritian and Foreign Buyers Rush to Buy Land, Price Shoot Up by 25%

Mauritian and foreign buyers are flocking to purchase land in urban and coastal areas at the start of this year.

Real estate agencies are bustling with activity, with Varund Ramchurn, interim director of RPC Estate Agency Ltd, stating that they have already completed a dozen sales since January.

Uttum Sanmukhiya, director of V5 IMMOBILIER, notes a strong uptick in sales this year, attributing it to renewed confidence in the market and government incentives.

Robin Seechurn, director of Islanders Property, also reports an increase in residential land sales.

The rise in sales can be attributed to factors such as increased confidence due to stable interest rates, upcoming elections, and government incentives for homebuyers.

The demand for land has driven prices up by 15% to 25% in coastal and urban regions compared to last year.

Mauritian buyers typically prefer land ranging from 6 to 7 perches, while foreigners living in Mauritius look for larger plots ranging from 10 to 20 perches, with a budget of at least Rs 5 million to Rs 7 million.

There is a high demand for 10 to 12 perches of land in the Plaines Wilhems region. However, there is a limited supply of land in sought-after areas like Quatre Bornes, leading to competition between Mauritian and foreign buyers.

Smart City projects are attracting foreign buyers but efforts need to be made to ensure that locals are not left behind in the property market.

Additionally, there is a strong interest in investing in long-term real estate projects such as apartment construction.

Buyers are particularly interested in beachfront properties, but these are rare and often preferred in full ownership rather than on lease.

Overall, the real estate market in Mauritius is experiencing a surge in activity due to various factors driving both local and foreign buyers to invest in land.

Source: Defi Media

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