Mauritius: Investments and Real Estate Reforms for the Year 2023/2024

In June 2023, Mauritius unveiled its budget for the 2023 fiscal year/

2024, and the real estate sector finds itself at the top of the financial agenda.

In 2022, foreign direct investments reached Rs 27 billion, with

a strong contribution from France and South Africa. Among these

investments, real estate represented 54%.

The acquisition of properties in approved real estate programs has been experienced

significant growth, generating Rs 15.4 billion in sales.

For 2023, an expansion of real estate and construction is planned,

accompanied by key measures.

Discover the new measures below:

For Mauritians:

• The "Home Ownership Scheme" is extended until the 30

June 2024, offering a 5% refund, up to Rs 500,000,

for the purchase of a house, an apartment or land.

• The "Home Loan Payment Scheme" is also extended until

same date, allowing a 5% refund, up to one

maximum of Rs 500,000, on real estate loans.

In addition, amendments to the VAT refund criteria on

costs of building a house or residential apartment

allow individuals to submit an application if the costs of

construction does not exceed Rs 3 million.

Payment facilities will be granted, on a case-by-case basis, to holders of

leases on state land facing financial difficulties. A

new legal framework will be developed to regulate the provisions of the

VEFA (Sale in Future Completion State) and trustee functions.

For Foreigners:

• Foreigners holding a residence permit or an “Occupation

Permit" can now buy residential property in Mauritius

outside existing programs, under certain conditions. The

price of the property must exceed USD 500,000, the surface area must not

exceed 0.5 hectares, and the property must not be located on land

public or state-owned, with registration fee

additional 10%.

• The sale of serviced land in Smart City projects in

eligible foreigners holding a residence permit has been extended

until June 30, 2026.

• Retired non-citizens and their families can now

obtain a residence permit by purchasing valuable property

minimum of USD 200,000 in a residential project for

elderly people.

• The new "Sustainable City Scheme" allows buyers a

good at the floor price of USD 375,000 to apply for a permit

Mauritian residence for their family and themselves.

In addition, the application and registration fees for RES, IRS, IHS and SCS

will be harmonized, with new application fees of Rs 25,000 for

the acquisition of a R+2 apartment.

Social Housing Initiatives, key figures:

• 360 social housing units in Valletta and Mare-d'Albert will be completed

by December 2023.

• Over the next 18 months, 8,000 homes will be built.

• Rs 40 million will be allocated to “asbestos removal” and

rehabilitation of ex-CHA housing.

• Rs 500 million will be devoted to the modernization of 70 schools

primaries.

Infrastructures and Developments, the key figures:

• Rs 3.4 billion will be invested in the construction of roads and

the extension of road networks.

• Rs 600 million will be allocated to rehabilitation, maintenance and

modernization of existing roads.

• Rs 420 million will be allocated for the completion of various projects

road construction next year.

• Rs 360 million was granted to complete the A1-M1 project

linking Coromandel and Sorèze.

• An extension of the Metro Express project is planned to connect St-

Pierre and La Vigie.

Conclusion:

These measures demonstrate Mauritius's commitment to boosting investment

in the real estate sector while strengthening infrastructure and housing

social for the well-being of its citizens and foreign investors.

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Discover now our exceptional properties for sale in Mauritius and

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