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IMMOBILIER & CONSTRUCTION I FÉVRIER - MARS 2018
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Outi de Falbaire ( Director of Barnes Mauritius ) « Investors have the opportunity to own a piece of paradise »
2017 has been a busy year for Barnes Mauritius , with the opening of two new offices in Black River and Grand Bay . The Mauritian real estate market , says Outi de Falbaire , will experience growth in 2018 .
What assessment do you make of 2017 as it has been very busy for Barnes Mauritius ?
2017 was indeed a very good year for Barnes Mauritius . We established ourselves on the West Coast and opened a second office in Grand Bay . This strategic positioning , tied in with the strength of our brand internationally and the support we receive from our head office in Europe , has benefited both our clients and our company . Foreign investment into our property sector has once again picked up due to a number of international local factors : an important reason being the steps taken by government to revise and slightly loosen the structures governing the foreign ownership of property on island . Added to this is a larger choice of quality properties under the USD 1-million mark . The long term rental and short term holiday market continues to keep us very busy . What has taken a bit of a knock is the sale of luxury properties for the local market . Mauritian investors see the value in purchasing properties within the Smart City , PDS and ground-plus-two programs , allowing them an international market on resale . We look forward to understanding how government will address this issue to ensure a new impetus into this market .
What are your priorities for the coming months ?
Our priority is to capitalize on the last three years , which saw us , open five offices and establish ourselves in the real estate market on all corners of the island . We have a very experienced and knowledgeable sales and operations team in both the real estate and holiday rentals and we are all motivated by the existing new projects in 2018 . We also continue to concentrate on delivering the highly professional services that is expected of our profession and brand .
Our main focus on the East side of the island will be the Pointe d ’ Esny Le Village which will be launched in February . At last both international and Mauritian investors will have the opportunity to own a piece of paradise , which is Point d ’ Esny . There is no other project like it on island and being set in one of the island ’ s most beautifully natural and sought-after spots , there is no doubt that it will attract both local and international investors alike . In Grand Bay in March , the bijou O ’ - Soley PDS will be coming out of the ground for which we will be finalizing the last few sales .
Do you think that the demand for premium villas and apartments will keep on increasing in 2018 ?
Absolutely . The nature of our geology will continue to force residential development into apartment type structures to cope with demand for unparalleled living spaces for a growing , aspiring , young professional population . These also adhere to the criteria allowing non-Mauritians the same privileges .
« Mauritius is a unique destination that ticks most of the boxes of today ’ s investors »
With the prices soaring , some observers have expressed fear amid the existence of a speculative bubble . Do you agree ?
The property sector in Mauritius is still relatively young and because of the island ’ s favorable socio-economic climate , has much room to grow . Mauritius is a unique destination that ticks most of the boxes of today ’ s investors and comparatively , our prices are still far behind those of similar destinations . For instance , the price of a four-bedroom luxury villa in Mauritius only buys you a one-bedroom studio on the tropical tourist island of St . Barth in the Bahamas , or economically vibrant Hong Kong in East Asia , - so no , we don ’ t think we are at a risk of such a bubble .
Has the requirements of Mauritian investors evolved in the past years ?
Yes . The Mauritian property investor is well-informed both through his travels and digital communications and as lifestyle becomes more urbanized and time limited , Mauritians require functional , living environments that are well-finished and pleasing to the eye - this all wrapped up and delivered in a professional service . Mauritians are generally easy and well-mannered and for too long we have simply accepted what was served up without creating too much of a fuss . Today , the Mauritian investor understands that he has a right to expect professionalism and not to accept a sloppy service . This change in attitude is good for the island as it permeates into all aspects of the island ’ s growth
Does Barnes plan to extend its activities in the Indian Ocean ?
We do , but not for 2018 or even 2019 . We are concentrating on consolidating our operations and growing on the strong foundations that we have established in Mauritius .