Rental fees, being for residential or commercial purposes are generally increasing. Nowadays, we are witnessing the rental fees variation throughout the country. For example, in Port-Louis, there are free office spaces since several months, unable to find takers, being too expensive.
On the other hand, a number of merchants renting premises are exhausted. In fact, with the liberalization of renting fees since the previous years, rents have been reviewed while the business climate was slowed. Several businesses were forced to close.
This variation of rental fees is noticed in different segments. Philippe Wand of the Residentia agency noticed a slight decrease in residential rental fees in coastal regions. It all depends on facilities opened to tenants. For example, if the proposed location’s furniture is old and old-fashioned or it the locations is found in a remote area, this shall entail a decrease in the price.
However, for residences which are correctly equipped, the rental price remains stable. An apartment at Flic-en-Flac, Grand-Bay or Rivière Noire may find a tenant for a monthly fee of Rs 20 000. On the other side, individual bungalows with gardens are rent at more expensive prices as they are rare. The rental fees may reach Rs 75 000 per month depending on the location and the surface area.
Regarding residential rental fees in urban regions, a continuous increase has been notices. Individual houses (mainly non-furnished ones) in towns which could be rented for a price range of Rs 6000 to Rs 8000 ten years ago are almost non-existent nowadays. How to proceed to find an affordable accommodation? A number of tenants found a hint. Either to live in an apartment or to occupy a house’s ground floor. “If you are lucky enough, you may find a non-furnished, 2-bedroom, two-storey house. Living only on the first floor may cost Rs 5000 according to Philippe Wong.
Furnished apartments located in city-centres or near the sea are often very expensive. For example, the furnished apartments at Splendid View (Albion), at Gateway or at Orchard Tower (Quatre-Bornes), at Résidence Le Baron (Beau-Bassin), at the Cybervillage (Ebene), at Gold Coast (Flic-en-Flac), to mention a few are rent at monthly prices from Rs 20 000 to Rs 50 000.
Rental prices for commercial spaces are less stable and vary from Rs 50 to Rs 150 per square foot, depending on the regions and the location.
Regarding offices, with the increasing number of corporate buildings everywhere in towns and in other corners of the island, the prices have not much changed. In certain cases, rental prices have even decreased. They vary from Rs 10 to Rs 50 per square foot.
Immobilier & Construction September / October 2011
