Shakir invested in La Réunion from Dubai
How do you invest in La Réunion when you live in Dubai? Shakir, an expat lawyer, financed a buy-to-let building in Saint-Denis without ever visiting it in person. Negotiated to €352,000 instead of €514,000, the building goes from 3 to 4 units for a gross yield of around 12%.
Dubai
Shakir’s building in Saint-Denis
RecreatedAfter
RecreatedAfter
RecreatedAfterWhat Shakir had to overcome from Dubai
FinancingBanks that hung up on him
“At first, I was calling bankers who would almost hang up on me.” A lawyer based in Dubai, Shakir first ran into French banks. He then prepared an expat application showing he knew exactly what he wanted from the purchase, approached many banks, and Frédéric put him in touch with a contact who helped him secure his loan: the full price over 20 years and a two-year deferral. In Dubai, he would have needed 20 to 25% for a first property, then 40% for the next one.
LettingThe right strategy, property by property
For his apartment, he chose short-term letting: La Réunion attracts tourists, and the property brings in around €1,900 a month, before 30 to 35% of fees. For the building, he mixed strategies: two 85 m² three-room flats let furnished long term, planned at €1,350 and €1,380, a commercial unit already let at €1,451, and a former garage turned into a commercial unit, at around €1,100 to €1,200. In total, about €5,280 of rent a month.
Remote managementBuying without ever visiting
Shakir did not visit any of these properties in person. For his apartment, he signed the preliminary contract from Luxembourg: someone went on site on his behalf and filmed the property, and he followed the viewing by video call. He applied a rule learned during the support programme: know the area well, one of the most important points when buying from a distance.
Renovation worksA long renovation, from the other side of the world
The building needs about €150,000 of works, labour and materials included: renovating the two flats and turning the 40 m² garage into a commercial unit. Shakir loves renovating, “breaking everything and redoing everything”, but in La Réunion building work takes time: it was still under way at the time of his testimonial. The two-year loan deferral gives him breathing space during the works.
How Shakir invested in La Réunion from Dubai
Luxembourg, then Dubai
Investing where he comes from
Shakir is a lawyer. He worked for four years in Luxembourg, where he was Frédéric’s colleague, then moved to Dubai. Originally from La Réunion and Madagascar, he chose to invest on the island where he grew up: his roots are there and he knows the market. His goal: to build up assets and passive income and, in time, his retirement. In Dubai, he would have needed 20 to 25% for a first property, then 40% for the next one, with no fixed rate beyond five years.
September 2021
He joins ImmoPourExpat
He had already bought an apartment on the island on his own, with a single aim: “get money back and spend as little as possible”. He admits it: he knew nothing, and he was “very cautious”, to the point of trembling during that first purchase. Through his conversations with Frédéric, his mindset changed, and he joined the support programme in September 2021.
An apartment bought without visiting it
The viewing is done by video
One month after the end of his support programme, he spotted an apartment and signed the preliminary contract straight away, from Luxembourg. He never visited it in person: someone went for him and filmed it, and he followed the viewing by video call. He applied a rule learned during the programme: know the area well, one of the most important points. He bought it for €100,000, for an estimated value of around €170,000 to €180,000.
Short-term letting on a tourist island
“I don’t pay anything out of my own pocket”
La Réunion attracts tourists, so he went for short-term letting. The apartment brings in about €1,900 of rent a month. Once the 30 to 35% of short-term letting fees are taken off, Frédéric puts the return above 13%. The property pays for itself.
The Saint-Denis building
€514,000 at the start, €352,000 at the end
While following the listings, he came across a three-unit building. Put on sale at €514,000, it had found no buyer. The electrician who came to do the inspections tried to buy it at €460,000, but did not get his loan. Keen to sell, the owner lowered the price to €415,000. Shakir negotiated further and got it for €352,000, 40 to 45% below the market price according to him. What convinced him: a 40 m² garage to turn into a commercial unit, creating a fourth unit.
The loan
The purchase price financed over 20 years
“At first, I was calling bankers who would almost hang up on me.” He approached many banks before Frédéric put him in touch with a contact who helped him secure his loan: the full purchase price over 20 years, with a two-year deferral. The monthly repayment is around €2,400. When it came to signing, doubt crept back in. Frédéric gave him a push: “if you don’t want it, I’ll take it”. The rate, high at first, has since been renegotiated to 3.6%.
The works
About €150,000 of works
Shakir loves renovating, “breaking everything and redoing everything”. He planned about €150,000 of works, labour and materials included, for a project of about €527,000 including notary fees. In La Réunion, building work takes time: it was still under way at the time of his testimonial.
Today
€5,280 of rent expected every month
Once the works are finished, the building will have four units: on the ground floor, a furnished 85 m² three-room flat planned at €1,350; on the first floor, a commercial unit already let at €1,451; on the second, an 85 m² three-room flat with a view, planned at €1,380; and the former garage turned commercial unit, at around €1,100 to €1,200. That is €5,280 a month and about €63,000 a year, for a yield of around 12%. Frédéric estimates its value after works at between €700,000 and €800,000, i.e. over €250,000 of unrealised capital gain. With his two apartments, Shakir now owns six properties on the island.
Shakir tells the story
“With the first property, I was trembling like mad during the first purchase, but little by little you get used to it, and honestly, you have to take the plunge.”
Shakir, who lives in Dubai
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