Real estate in Mauritius

Real estate refers to land, that is the surface of the earth as well as the bottom part and everything that accompanies it and all immovable parts found on the land such as buildings, paving, fencing that are concerned with the land. Real estate should not be confused with real property which comprises of all the rights associated with the land and all property (benefits, rights associated with all the physical property). Real estate agencies are now mushrooming in Mauritius as there is more development on the island and more land is available for construction of houses or businesses. Having a tropical climate all year long, living anywhere on the island can be quite pleasant though of course particular locations depend on the taste of the real estate buyer. Real estates can be bought from all over the island be it the north, east, west, south or the central plateau, each part providing a specific climate and different views. While the coastal parts of the island tend to be hot and dry (especially the west and north parts, the east and south being windier), the upper parts of the island are cooler and rainier. Real estate can be quite difficult to manage and so to help in buying, renting and selling of these properties, real estate agencies propose their help to people in all professionalism. Numerous types of real estates are available all over the island such as single studios, apartments, bungalows, villas, beach houses, luxury houses or even offices to rent, commercial places, property developments, agricultural property or golf estates. Prices of course vary from agency to agency (in terms of the agency fees) and are obviously based on the property being sold such as size, type and associated property. For instance, a 3 bedroom house with tennis court and swimming pool and other facilities (air conditioning, 24hr security, equipped kitchen) can be rented at Rs38,000/month while a fully furnished studio can be rented at about Rs25,000/month. Buying property can also give headaches and so real estate agents are there to guide buyers through all the required steps to get the desired property. Interested buyers have first to contact a real estate agency and register their details with them concerning the property that they are interested in. Viewings of potential properties can then be done on certain days on appointments. Once the desired property has been found, the buyer can make an offer that the agent of the agency puts forward to the seller and from there on the agent will help in costs’ negotiations between the buyer and the seller. Once the offer has been accepted by the seller, legal requirements concerning the sale of the property can be done in the presence of a notary. There are governmental taxes that are applicable to the buyer and seller at 5% and 10% of the total property value respectively.