DURBAN – Mauritius is proving irresistible as a destination of choice for South African property investors.
South Africans are doing business with Mauritius, making it an ideal location to springboard activity elsewhere on the continent, while tax rates for business and individuals are very attractive, at only 15 percent.
Richard Haller the director for Pam Golding Properties Mauritius said, "Mauritius has certainly come to the fore, offering strong offshore investment opportunities in hard currency, as well as a secure lifestyle, within a burgeoning economy with a stable government, world-class international schools and a growing tourism market.
According to Haller, the bulk of their enquiries are from South Africans and also French buyers, including French expatriates living in Africa.
There are also purchasers are also from countries like Switzerland, Germany, Belgium and elsewhere in Europe.
For South Africans, interest continues to be centred around the areas of Grand Baie on the north coast and Black River in Tamarin on the west coast that are in the price band from $300 000 to $2 million.
Both these areas have a developing infrastructure, numerous recreational activities and a sense of community which augurs well for those intending to live permanently on the island – including retirees - or enjoying regular leisure breaks here. There’s also a growing demand for property to rent from young families relocating for career opportunities.
In Grand Baie in the luxurious Mont Choisy Le Parc Golf & Beach Estate, where properties are currently priced from $880 000, home owners have seen significant capital growth, says Haller.
“We’re also seeing huge returns in Element Bay, a few minutes from Grand Baie, where we’ve just concluded a resale for a two-bedroom penthouse which was acquired for $370 000 and sold for $500 000 three to four years later. This development includes a gym, swimming pool and variety of water sport activities and is only a minute’s walk to the beach.”
At Mont Choisy, where Pam Golding Properties have sold out the first two phases, upmarket, fully -furnished, luxury three-bedroom penthouses are let at $350 per night and for $160 for self-catering units at the more mid-level Element Bay.
Increasingly, says Haller, the trend among travellers is to look for luxury rentals which resemble more of a home-from-home than a hotel. They prefer standalone villas or luxury apartments where they can enjoy luxury island living while using on site facilities akin to a resort.
In the north in Grand Baie Pam Golding Properties is marketing a new resort-style development called Ki Resort Apartments, which is aimed at the South African residency and investment market. This development is proving very popular with two-bedroom units selling from $290 000.
Residents have access to large swimming pools, a fully-equipped gym, café, underground parking and storerooms.
In an elevated position in sought after Black River on the west coast in Tamarin, with sea and mountain views and conveniently near the airport, a luxury development called Akasha Villas is currently under construction, comprising freestanding, three to six-bedroom villas with large verandas and spacious living areas priced from $910 000.
Adds Haller: “With more and more companies setting up business in Mauritius, from as far afield as such as South Africa, India, China and countries in Asia, Europe and America, the island has experienced a boom in commercial real estate activity, with increased demand resulting in the development of many new office, industrial and warehouse buildings".
Commercial property currently available includes brand new A grade space in the four-storey Mont Choisy Business Quarters in Pointe aux Canonniers in the north of Mauritius which will be completed by July 2019.