Continue with Facebook
Continue with Email
Based on the latest statistics released from the Economic Development Board of Mauritius for the year ending 2023, we have broken down an in-depth analysis of foreigner transactions into the Mauritius real estate market. Foreign investment into designated residential projects is a key driver of economic growth and is now reaching all-time highs as strong demand continues.
Unit sales and volume
Since 2005 when the first foreigner sale was registered, a total of 5,396 residential units have been sold under the different residential schemes generating Rs 156.6 billion in sales. For the past year of 2023 a record of 646 units were sold that resulted in Rs 23.8 billion in sales value for the calendar year. The EDB of Mauritius has a total supply pool of residential units of over 7,800 (including smart city developers). From the 5,396 sold units, 72% have been first time sales and 28% re-sales.
Geographical distribution
A total of 183 projects have been approved by EDB under the foreign residential schemes as at the end of 2023. Out of these, 103 have been completed and delivered, while 80 projects are still ongoing. The northern districts of Rivière du Rempart and Pamplemousses are the favored location with a combined 61 completed projects, while the West Coast is close behind at 29 completed projects (with an additional 26 projects currently ongoing). G+2 apartments projects are not included in this calculation, given they are not under a specific regulated scheme by EDB.
Distribution of sales and buyer Nationalities
Across the different schemes, a variety of residential property types are made available to buyers which include villas, apartments, duplexes, townhouses, penthouses and serviced plots. The G+2 (Ground plus Two) apartments is also considered as a type of property in this calculation. Apartments and villas are the preferred residences chosen by buyers, representing 80% of the market.
French and South African nationalities represent the largest buying contingents, followed by Mauritian buyers at 9%. 76 different nationalities have invested in the property market in Mauritius. From all buyers, 61% are aged above 50 years old.
Sales Price
The price of residential units has varied along the years being in the range of Rs 25 million to Rs 40 million in the initial years, where the only offer were IRS residences. The introduction of new schemes and more types of affordable residences available in the market has resulted in the average first sale price stabilizing at Rs 28 million, with the average resale price at Rs 38 million. However, 123 residences have been sold at prices exceeding Rs 100 million.
Average sold price across all units for 2023:
- East - Rs 122.4 million ( **unique high due to record sale recorded at Rs 565 million)
- South - Rs 39.6 million
- West - Rs 30.3 million
- North - Rs 26.6 million
- Center - Rs 19.9 million
Source: EDB Mauritius
Analysis by: Propertycloud.mu
