Home ownership amongst Mauritians remains one of the highest in the world

Admin September 22, 2021

With almost 9/10 Mauritians owning their own home. A housing marketing report previously conducted by MCB and DCDM Research indicated that approximately 50% of first-time buyers required a loan to finance their acquisition, of which 60% of buyers were under the age of 40 years old and/or held an income of MUR 50,000 or less, while only 25% earned more than Rs 75,000. Moreover, before owning a home 81% lived with their parents/family residence with 13% being renters.

The average GDP per capita of Mauritius currently sits at USD 12,300 making it the highest on the African continent, and relative to surroundings provides a high quality of living at this income level for the population. Historically, Mauritians have a tendency to prefer investment in land parcels rather than saving accounts or investment vehicles - and generally favoured real estate as a source to build wealth.

The Ministry of Housing and Land Use Planning has a variety of government-back schemes also aimed at local ownership through the NHDC Ltd (link), its implementing agency. Incentives to further encourage homeownership are based on income tiers to promote and support affordability for real estate purchases. With the recent downturn in economic activities during the past 18 months of COVID-related aspects, the EDB Mauritius recently introduced new incentives for buyers to further stimulate local ownership within the real estate industry.

Government incentives:
 • Up to MUR 500,000 refund on purchase for first-time homebuyers
 • Up to MUR 500,000 refund for those requiring a home loan
 • Exemption on registration duties on first Rs 5 million for residential property
 • Up to 100% home loans (selective availability)

MCB housing report data:
 • The proportion of homeownership - 88.9%
 • The proportion of household renting - 8%
 • The proportion of total households as non-mortgage - 77.7%
 • Age distribution - 58% between 30-50 years
 • Ave loan amount - Rs 1.5m to Rs 3.3m
 • Growth in # of housing units - 59.5%

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