Outi De FALBAIRE: “Professional agents must be recognised”

This year again, the real estate sector will dominate the economy and is likely to be the highest contributor of foreign direct investment. Mauritius is becoming a global village where foreigners increasingly choose to work and live. Mrs Outi De Falbaire, Associate Director of Barnes International Realty, Grand Baie, shares her views on this booming sector with News on Sunday. Mrs De Falbaire, how do you see the real estate sector in Mauritius this year? We have well started this year thanks to a renewed interest from French buyers. Our clients appreciate the vast choice of properties and projects available in the market (villas, apartments, resorts, etc) and the price range from 250,000 Euros to a few millions. However, we note a change in the sales cycle, with a longer period between initial contact and the conclusion of sale. How is the RES/PDS sector faring? Are buyers coming? Yes, buyers are always interested in the properties presented under the RES/IRs and lately under the new Property Development Scheme. Land developers must listen to the needs of the market in order to propose innovative projects that meet the exigencies of the buyers wishing to invest or reside in Mauritius. The authorities termed the RES projects as ‘ghettos’, hence the amended regulations to introduce the Property Development Scheme. Your views on that. I am not convinced that the PDS programme has been the result of extensive thinking. It is a fact that most buyers choose Mauritius because of its pleasant living atmosphere and its culture. It is also the role of promoters to favour social integration of Mauritians in all developments. Regarding regulations, I would suggest that the government ponders on the role of estate agencies in order to protect clients better, as well as all professionals engaged in the sector. Today, anyone can act as real estate agent and this affects the image of the sector the more so when doubtful services are provided and accumulated commissions means a heavier bill for the property buyer or seller. There should be better awareness and professional agents should be better recognised. You target mainly foreign buyers. What are the factors that attract non-citizens to acquire a property in Mauritius? The main features of Mauritius are its attractive fiscal incentives, the island lifestyle, its bilingualism, good governance and the excellent services sector. We target mainly foreign clients by organising conferences in Europe where we promote Mauritius, its business climate and island lifestyle; we also advertise in specialised press abroad and conduct various PR operations.