The real estate sector in Mauritius has emerged as a key recipient of foreign direct investment, fostering economic growth on the island. This study examines the evolution of real estate schemes permitting foreign ownership over the last fifteen years in Mauritius. Initially introduced in 2002, these schemes have proliferated, serving as regulatory instruments for foreign investment in the real estate development sector. Administered by the Mauritian government, these schemes contribute to the economy of this small island state.

By employing a development-historico-political framework, this study situates the commodification of land within Mauritius' historical trajectory, tracing its roots from a colonial economy centered around sugar production. Examining this phenomenon through a triaxial lens of development theory, historical causation, and policy conditions unpacks the meshing of factors driving the foreignization of land through real estate schemes.

Drawing on fieldwork conducted in 2009 and 2024, Continuity and Change Over Time (CCOT) analysis of data collected reveals how land ownership patterns in Mauritius have been historically shaped, influencing contemporary land acquisition dynamics. Despite strides made in democracy after independence, the colonial legacy persists, with descendants of European settlers maintaining significant land holdings and who can vend them for financial gains. The symbiotic relationship between the state and economic elites underscores the oligarchic nature of Mauritius's economy, where state support for real estate schemes benefits the economic elite.

While these schemes bolster economic growth, they also exacerbate disparities and hinder inclusive development. The oligarchic system entrenched since colonial times has transformed land into a vehicle for foreign investment, prioritizing economic resilience over equitable distribution of resources. Perpetuating a cycle of wealth concentration in the hands of European colonizers is in contradiction with modern paradigms of sustainable and inclusive development.