DEVELOPING A PROPERTY INDEX FOR THE MAURITIAN COMMERCIAL PROPERTY MARKET

Vishesh Gangaram and Francois Viruly

AfRES from African Real Estate Society (AfRES)

Abstract: There is a growing literature suggesting that the development and maturity of Commercial property markets is closely related to the level of market transparency. This paper assesses the feasibility of developing a non-residential property index in Mauritius. It does this by considering the market characteristics that would be required to successfully launch an index. These characteristics include the size of markets as well as the players in them. It also suggests that both opportunities and threats exist in the development of a national property index.The research was undertaken by means of unstructured and semi structured interviews with various professionals ranging from property companies, real estate agencies, government bodies, valuation companies and private consultancies. The research concludes that in the Mauritian property market, the success of developing a property investment index will be influenced by valuation standards, the professionalism of the valuation profession, the structure and players in the market, and the level of professionalism of the market . While market professionals have certain misgivings regarding the implementation of an index, there is agreement that there is a need for an index and that it can play a positive role. The paper concludes that while significant impediments exist in the development of a property index in Mauritius, the development of such a index could provide an important catalyst in increasing market transparency and the further developing of this property market.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2014-09-01
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Persistent link: https://EconPapers.repec.org/RePEc:afr:wpaper:afres2014_126

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