Since 2015, the ENL group is the official representative of the Mauritius Sotheby’s International Realty franchise, an important actor in the residential property sphere in Mauritius.
Sébastien de Robillard, Head of Operations, recounts the city of Moka’s success story:
1. What is the current state of the real estate market?
We’ve obtained excellent results on the local market since the brand’s launch, notably with projects such as Bagatelle Les Résidences or Les Rives de Courchamps housing development, which is now entirely sold old. Les Promenades d’Helvétia, which was the first residential venture of the Smart City of Moka, was a real commercial success. Over 80 apartments and duplexes, as well as 32 land plots, were sold in the course of a few months.
2. What has been the impact of Moka’s development on the region’s land prices?
Over ten years ago now, the ENL group initiated a broad development program, based on a thoroughly thought-out master plan, which triggered a real boost in people’s interest in the region, as well as an important raise in property value. For instance, we recorded capital gains of 218% on land sales since 2008, as well as a 7% annual capital gain on average on property developments in the course of recent years. We also experienced a rent return neighboring 6% on these same property developments.
3. How do you explain this success story?
Moka seduces because of its planned development strategies and the first-rate quality of life it offers, with its quick links to nature, loved ones, work and leisure. What’s more, Moka is strategically placed at the junction of the country’s main roads, and close to the main urban areas, in which 40% of the active population and 70% of the spending power reside. The region is also host to numerous firms and institutions offering high international-level education, as well as providing access to a wide range of leisure activities.
4. What is the typical profile of someone who chooses to buy land in Moka?
Current new buyers have large and varied backgrounds. Some of them are families, some are retired, others are members of the active population from the middle or upper classes looking for a lifestyle that is both practical and enjoyable. It is interesting to note that in the case of Les Promenades d’Helvétia for instance, 85% of buyers were from Mauritius, and 15% from abroad.
5. Estimates measure the annual rent return for a house in Allées d’Helvétia at 6%. How do you explain this impressive rate?
I think everything is linked to the model of planned development we’ve devised, and to existing infrastructures. Take Les Allées d’Helvétia, for example: this integrated village benefits from the perfect balance between the quality of life that comes with living in open spaces and the advantages offered by a semi-urban, well-planned environment. Inhabitants have access to all necessary facilities, located in close range: schools, supermarket, sports center… As a result, demand is currently higher than offer.
6. Do you think such enthusiasm will last?
The Smart City of Moka provides for the continuous amelioration of its inhabitants’ quality of life, notably through projects like La Promenade, a largely non-motorized pathway that will shortly cross Moka from west to east. The addition of a large park, a country club, an equestrian center and a golf course are currently being considered. What’s more, to provide entertainment and enrich its offer in terms of leisure, various events are regularly being held in the city, such as the open-air showings last March, or the Moka Art Festival last April. All these elements contribute to make me think that enthusiasm for the region will persist, and could even continue to grow in the coming years.
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