Property acquisition by non citizens

Last activity 07 July 2022 by Anou86

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RamelakActive member06 July 2022 19:47:04

HI there, just a seemingly simple observation, but defies the logic in my brain.

We're aware of the RES, PDS, IDS etc schemes available for non citizens to acquire property with residence options available as an attraction.

In my limited hunt, as a non citizen, I found properties under these schemes really nothing much to write home about - rather basic 2 or 3 bed flats going for as much as 15 to 30 million, with modest villas going a lot over.

On the other hand, there are luxurious, huge and beautiful dwellings for Mu citizens only, going for 5 or 6 million, that are far more opulent than the ones available for non citizens. I've often gotten excited about an advertised property, absolutely superb, finishes , garden etc for even 15 million, only to be told its reserved for citizens.

My confusion is, how do you equate these properties? One 3 bedroom at 20 million for non citizens, standing next to a 8 million home for citizens, the latter being a better buy than the former. Does this mean the non citizen properties are artificially overvalued? Does it mean these can only be sold at the leveraged prices in future, to only other non citizens?

I'd love some knowledgeable and insightful feedback. Thanks all!

infogreencycleBanned07 July 2022 03:52:25

It is does not defies logic my friend. It is just business. Why would a country give foreigners so many schemes and benefits to come? Anything that you would buy here will be overvalued, this how we are making money off of foreigners. And real estate agents will tell you yeah it is overvalued but take it as an investment. But when you will try to resell it, nobody will buy it. Look on how many foreigners try to resell their properties when covid hits and couldn't. Even if you would construct your villa, you would pay builders a lot more as you are a foreigner. That's the reality.

Remember that there is a lobby that have thrown cash to corrupt politicians and high raking govt officials for decades plus now to create favorable laws, schemes etc in order that they can sell there overpriced properties to foreigners. But lobby come and go. And for sometimes now there is a concern among many citizens that we are "selling our country to foreigners". What would happen if for next election some political parties uses this arguments for its campaign to attract votes and if by chance they are elected, they passed new law not favorable. Your overpriced property that you bought for millions could could worth nothing.

Anou86ViP07 July 2022 05:30:58

1047

Well explained by infogreencycle. Real Estate is an investment/ a product. It will definitely be overpriced/overvalued, however you call it.

You can read more here :

https://www.propertycloud.mu/blog/forei … eal-estate

tashwilmotSerial expat07 July 2022 05:50:18

212

@Anou86

Thanks for sharing. Would have to agree with you, residential on offer to expats is simply not good value, no matter how you look at it. I followed with interest the mention of the local Mauritian market being opened up to expats but as this only applies to those who already have residence here and already own a home, this is not much to use to many.

Anou86ViP07 July 2022 06:11:00

1047

@tashwilmot Yes indeed, I came to the same conclusion if you already have to be a residence permit holder, it might be of interest to only a few. I checked out Lucy's video : https://youtu.be/Le2tI_HAs7g very interesting part on budget.

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