One of the reasons is of course the severe depreciation that our rupee went through over the past 12 months. Let's do the math. Someone who disbursed $1 million last year to buy a Rs25 million villa will certainly be thrilled to find out that this investment at today's rates is now worth only about $788,000. Nah, you tell me. It's not only the money. It's also the lifestyle. Really? What lifestyle? What exactly happens in Mauritius after 18h? And for whom?
In effect, the foreign IRS buyer's interest is aligned with those of a majority of Mauritians. They don't want to see the rupee constantly depreciate and go through wild swings in value. Now, try explaining this to our cry babies.
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