Measures to stimulate local property demand
In August 2021, the Government of Mauritius has introduced new measures to stimulate demand and address the slowdown in the local property market caused by the COVID-19 pandemic.
Home ownership has been made easier for the people of Mauritius with the adoption of new fiscal measures, including the Home Ownership Refund Scheme. The latter provides for a 5% refund – up to Rs 500,000 – of the purchase price of a house, apartment or land for building a house in the 2021-22 financial year. In case of resale during the first year, this amount will have to be reimbursed. The scheme also includes a 5% refund on housing loans taken for construction, up to a maximum of Rs 500,000.
In addition, first-time buyers are exempted from registration fees on the first Rs 5 million of the purchase price of a residential property.
Property buyers will also be refunded value added tax (VAT) on the purchase or construction of a first house or apartment. Certain conditions are imposed, including the cost, which must not exceed Rs 3 million (for a refund up to Rs 300,000). Additionally, the household's annual income must not exceed Rs 1 million.
For more information, please visit: www.edbmauritius.org
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