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Measures to stimulate local property demand

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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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