Written By: Nawaz Peerbux
July 2020
In the wake of the global pandemic, COVID-19, there have been devastating effects where the ripples have been felt across all industries. The lockdown which confined people to their homes and forced businesses to seize trading will take years, if not decades to recover.
It has not been all been doom & gloom but in fact, the outcome has brought some fantastic incentives which make buying a new property more attractive and affordable.
In the last budget presented on June 4th, 2020, Mauritius introduced several new rules and regulations to assist with the task of building back the economy. The real estate & construction industry represents an influential 10% of the island’s GDP contribution so the government is very eager to ensure this sector remains strong and adheres to its target of creating a competitive economy with world-class infrastructure which includes housing.
The new budget presented and recently approved states that:
- Exemption from registration duty on the acquisition of newly built dwellings for Mauritians has been extended by two years for an increased threshold value of MUR7 Million
- Exemption from land transfer tax to a promoter undertaking construction of projects under the house estate scheme extended to exempt residential units of up to MUR7 Million.
These fetching incentives make it a great time to buy real estate. It brings the chance to purchase a property up to MUR7 Million and make a potential saving of Rs 350,000. This amount of saving could make all difference, allowing you to either shop for something bigger and better or simply just save for rainy day.
Double Saving on all Mayfair Properties
Buying a Mayfair property is even more appealing as Sunset Boulevard is offering 0% agency commission. All Mayfair properties are below the agreed threshold and fall within the registration exemption and with the added 0% agency a substantial saving of Rs511,000.
Mauritius has created a “buyer’s market” and never made it ever so exciting and captivating to get engrossed and commit to purchasing a property whether it is a primary residence, an investment, or a holiday home. Whether you are a first-time buyer or an experienced property buyer, the time is now.
