Real Estate Investment in Mauritius

flowerinmauritius wrote:

Do You guys still believe that Mauritius is THE place for investment with the different schemes in Place? is the market for land holders not better to target locals than Finding Investor for RES and IRS. South Africans compatriots running away because engagement held has not been respected....

Hi
I'd be grateful if you would clarify for me what you mean by

"South Africans compatriots running away because engagement held has not been respected...."

Thanks

Kirinyaga wrote:

flowerinmauritius wrote:

Do You guys still believe that Mauritius is THE place for investment with the different schemes in Place? is the market for land holders not better to target locals than Finding Investor for RES and IRS. South Africans compatriots running away because engagement held has not been respected....

Hi
I'd be grateful if you would clarify for me what you mean by

"South Africans compatriots running away because engagement held has not been respected...."

Thanks

Many south Africans mainly with investments between USD 3-8M came to this country and besides their purchase of property here to be issued Promised permits to reside. 2 Years after the due date for PR to be allocated they were informed that the will have to wait for 2 more years. I have many friends who had to look for other horizons which is a shame for this country which launched a scheme and has not been respected.
This is my point of view and what i have noticed. But this discussion is not about South Africans or other nationalities but about the prospects for schemes launched and its scopes.

flowerinmauritius wrote:

Kirinyaga wrote:

flowerinmauritius wrote:

Do You guys still believe that Mauritius is THE place for investment with the different schemes in Place? is the market for land holders not better to target locals than Finding Investor for RES and IRS. South Africans compatriots running away because engagement held has not been respected....

Hi
I'd be grateful if you would clarify for me what you mean by

"South Africans compatriots running away because engagement held has not been respected...."

Thanks

Many south Africans mainly with investments between USD 3-8M came to this country and besides their purchase of property here to be issued Promised permits to reside. 2 Years after the due date for PR to be allocated they were informed that the will have to wait for 2 more years. I have many friends who had to look for other horizons which is a shame for this country which launched a
scheme and has not been respected.
This is my point of view and what i have noticed. But this discussion is not about South Africans or other nationalities but about the prospects for schemes launched and its scopes.

Hi,
Thanks for your reply.
Well, $3,000,000 is about £1.95 million, which is about £24 million South African rand. I don't know any South Africans with that amount of money and the ones I do know do not live in IRS properties because they can't afford it.

I know you said ' many South Africans' but that's rather vague. In order to make a point you need to give facts and figures. However, as you said your question is not so much about South Africans but a question in general.

Tell me, do you think that the land should be used for other things, rather than building IRS properties, for example, affordable housing for local Mauritians?

This is an interesting topic and I hope those who view your post will respond.

@ flowerinmauritus

If you go on this gentleman's blog you will understand why !!!

Looks like some foreigners with lots of moolah got taken by the developers - Mauritius was riding on the coat tails of Dubai -trying to lure foreign investors to the island with "koolaid" promises : "build it and they will come " to buy those secondary residences but the tap is closed ( due to the economic and banking situation since 2008) and now the South Africans who thought that they would have at least permanent residence ( not citizenship) realized that their real-estate investments in IRS and RES are in limbo.
Brazil, Australia and some other islands DO NOT have those open-ended conditions that could be reversed with a new government . So don't be surprised to see quite a few white elephants in the coming years - whether it is IRS or RES or shopping malls. Turks and Caicos are a very good example - except that there it was the North Americans who got duped !!!!