Lexpress Property Trends Lexpress Property Trends EN Light Version | Page 28

GENERAL ASSESSMENT: PROPERTY SALE EXCLUSIVELY TO MAURITIANS
PROPERTY PRICES:
THE AP BET EEN
DEMAND AND S PPL
As previously explained (see page 52), the sale of property to foreigners is
regulated in Mauritius. Hence, we have analysed properties exclusively for
Mauritians separately from those accessible to foreigners. Our statistics show
high prices for real estate in Mauritius where a gap between supply and
demand can be observed.
T
he first observation is that:
while individual houses remain
predominant (58% of listings
in 2018), apartments are a growing
segment in terms of local properties
for sale (35% in 201 and 2% in 2018).
In terms of demand, over the past 5
years, the share of leads is rather stable
with about 60% for houses and 0% for
apartments.
Properties for sale exclusively to
Mauritians: Houses
Concerning
houses
only,
nearly
,500 listings have been published
on LexpressProperty.com in 2018
a
growth of nearly 80% in 5 years. The
number of searches made by potential
customers has been multiplied by 5 in
5 years, to exceed Rs 25 million in 2018.
Those searches and potential customers
resulted in more than 7,000 leads sent
through information request forms to
providers of the different properties.
The predominant format remains
houses with 3 to
bedrooms which
accounts for three quarters of properties
for sale. Demand is adjusting to supply.
Half of the houses for sale on
LexpressProperty.com have a pool, a
proportion that has remained relatively
70
LEXPRESSPROPERTY TRENDS
stable over the 5 observed years.
Demand however favours houses
without pools with an average of more
than 60% of leads over the last 5 years,
which is very likely due to pricing.
Demand for houses with pools is
however increasing (3 % in 2015 v s 2%
in 2018).
eographically, nearly
out of 10
houses listed are in the North, followed
by the Centre (30%) and the est (26%).
Few houses are for sale in the South and
the East. Demand tends to progressively
adjust to supply, whereas during 2015-
2017, searches were higher then supply
for the Centre.
Regarding houses for sale, the Top 5 of
towns is as follows: Pereybere, Tamarin,
Albion, Flic en Flac and Curepipe.
Among the Top 5 of most sought-after-
after towns, rand Bay is in second
position behind Pereybere, followed by
Flic en Flac, Albion and uatre Bornes.
The North remains the most in-demand
region with the Top 2 towns being part
of this region.
The core of the market is made up of
houses for sale for Rs 5 and 10 million,
which represents nearly 40% of properties
for sale. Demand is geared towards
more accessible properties (less than
Rs 5 million) which represent only 15% of
supply in 2018 and capture nearly 38% of
the leads. Demand for houses between
Rs 5 and 10 million is however growing
since 2014 and has gained 10 points to
reach 38% in 2018.
The average marketing entry sale prices,
by price range, have remained relatively
stable over 5 years.
e can however
observe a regular growth of the average
price of the entry segment (less than Rs
5 million) as well as a recovery, in the
last two years, of the average price of
the high-end segment (more than Rs 20
million), after a three-year downward trend.
By observing the average prices by
price range for 3-bedroom houses, we
find that over 5 years, there has been a
clear increase for the high-end segment
( Rs 20 million).
The median price of 3-bedroom houses
is around Rs 8 million while the lowest
quarter of the market is for sale at less
than Rs 5.6 million, and the highest
quarter is for sale at more than Rs 13
million.
Properties for sale exclusively to
Mauritians: Apartments
Regardings
apartments
for
sale,