Jump to content
wesley onofri

Greetings from Mauritius

Recommended Posts

Hello Hubbers,

I have been investing in the UK property market for a few years now and am always looking for a good deal. Strategy has buying new builds but seeing it has been a little limited on the building cashflow front I am looking into other options.

Anyway looking to meet like minded people to discuss ideas with. Any Mauritian residents on propertyhub? Would be awesome if we could create a meet up, might be a little ambitious...

Share this post


Link to post
Share on other sites

Im not a Mauritian, but i was just interested in your comment "...Strategy has buying new builds but seeing it has been a little limited on the building cashflow front...".  Is that because:

- you have been buying off plan;

- buying in low yield areas (e.g. London);

- you are unable to let your new build properties;

- some other reason?

Additionally, how have you been identifying your investments? Do you find them directly yourself or do you use a sourcing company?  

Share this post


Link to post
Share on other sites

Hey Andrew

Sorry for the late response.

I started investing in the UK with some experience in another market, turns out it's quite different but the basics are similar. As I dont live in the UK I saw it fit to deal with a sourcing company. To answer your questions:

1. Yes have bought 4 units off plan over the past 10 years. The worst example was in Sheffield 7 years before completion. Apon completion I it was valued at less than asking... Just saying be careful as future prices are built into the asking.

2. My first was in Leeds but yes because I had some amazing capital growth on a place in Croydon so figured London was the place. Not so much for rental return.

3. All of them are let and are solid investments with good fundamentals. Just would have liked to have gotten better ROI. Now knowing my cashflow goals I would have hit them already had I focused on that.

My goal now is to NET 7% before leverage.

Share this post


Link to post
Share on other sites

No need to apologize re the timing of your response, Wesley.

Which other market do you have some experience in?  And why did you choose the UK?

Just out of curiosity, what is the property market like in Mauritius?

Are properties relatively expensive?

Is there a residential BTL market? What is demand and supply like?

What level of gross rental yields would be typical?

Is financing easy to obtain? What are typical rates and LTV?

How does the tax environment compare with here? Is it favourable to inward investment?  

Are there any issues with security of title?

Sorry for all the questions.  Just looking for a new country for investing in property if Brexit goes pear shaped! :D

Share this post


Link to post
Share on other sites

Hey

Thanks for the quick response.

I have was investing in south Africa as I hold both a British and south African passport.

To be honest I wouldn't recommend Mauritian property to be honest. The properties are expensive and the best way to get returns are through holiday but that requires a license now so I've been told.

I would not look at Mauritius as your next step. I would not worry too much about Brexit. UK is always gonna be property hot spot. Supply and demand wise.

Share this post


Link to post
Share on other sites

Hi Wesley - is it still the case that only certain properties in Mauritius can be bought if you don't have residency?  Absolutely love your country and seriously considering moving there in the future!

Share this post


Link to post
Share on other sites

Hey Caroline!

Unfortunately it is still rather restrictive for foreigners to purchase property besides the crazy expensive residential schemes. That might change is a few years as it would appear the trend is in moving, all be it rather slowly, in that direction.

I'm not too clued up with the details but I think if you are have a residency permit you can buy any apartment as long as it has 3 floors. I can look into it for you if youd like? I read that your experience is in doing up and letting serviced apartments. Might be the only way to make any kind of return here...

 

Share this post


Link to post
Share on other sites

Thanks Wesley - looks like the law changed at the end of 2016 so that anyone, with or without residency, can buy an apartment in a condominium of at least three floors as long as (a) the Board of Investment approves and (b) the purchase price is 6 million rupees or more.  That's a little bit more realistic price-wise than some of the villa developments around the hotels! 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...