Decline In Foreign Buyers For IRS Scheme in Mauritius

The Integrated Resort Scheme (IRS) was launched in 2005, and ever since, 500 villas have been sold. At the beginning, many a foreigner would invest in the construction of villas. The aim itself of the IRS was to sell resort and residential property to foreigners. However, recently, the business has known shifts from its initial goals.

villas

Lately, it has been noticed that foreigners are less and less interested in having the acquisition of luxurious flats. Somehow, it has become harder to sell flats to them. In 2012, the opposite happened: the sector witnessed quite a bloom. That year had known the birth of many colossal projects such as the Balise Marine to be concretised at Rivière-Noire. Well, foreigners no more show interest in such projects. However, many Mauritians have expressed their intention to buy residential properties under the IRS.

The high cost to make the acquisition of the properties as well as the additional costs to pay for the maintenance of the luxurious flats greatly discourage some from investing in such projects.

Moreover, some have even lost their money because of the unprofessionalism of some agents.

The procedures to buy the flats go as follows: the buyer makes a deposit of a certain percentage even prior to the construction of the residence, so that the the project can be financed. Some have, however, not been able to complete the project because of financial difficulties, and the buyers have hence lost their money to nothing. Cases like these have impacted negatively on the business as a whole. People, as a result, became more reticent to embark in such projects.

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