Ongoing global demand for luxury villas on Eden Island, Seychelles

With 316 units now completed out of the total of 387 homes sold to date on the idyllic Eden Island marina in Seychelles, this well established destination is meeting what is clearly a global demand for the ultimate tropical island lifestyle, says Chris Immelman, MD of the International & Projects division of Pam Golding Properties.

These sales equate to a total value of in excess of $325 million or over R2.44 billion.

“In February 2012 alone we achieved sales of $8.695 million at Eden Island, despite the fact that the year began with a relatively quiet trading period in December 2011 and January 2012, however, these are historically times when many are away on holiday and some businesses closed.  Positively, this year seems to be following the same pattern as 2011, when February through to May was our busiest trading period of the year. Interestingly, we are finding the top of the range villas are selling well along with the usual flow of maisons and apartments.

“We are now leading up to the final phases of the development and are confident that 2012 will be a good, albeit challenging year as the world economy remains under pressure. In regard to South African purchasers at Eden Island, the current relatively strong rand is proving a favourable incentive as is the desire for off-shore investments, although we find that in the existing economic climate they are placing a strong emphasis on value.  While a high percentage of completed homes are utilised by owners, a key element for investment purchasers remains the rental pool, where rental yields average at approximately five percent per annum.”

Immelman says the buyer profile at Eden Island remains fairly constant, with a strong demand from Russian and Eastern European buyers. With daily international flights from Europe and Africa, the island is rapidly becoming a top beach holiday destination for visitors from around the world, and as a result, an increasing number of investors are taking note of real estate opportunities, including those purchasing to relocate, as a second-home base and for pure investment purposes. “We have certainly benefited from those investors seeking an alternative investment to volatile bourses, and Eden Island has an enviable track record in capital appreciation of units purchased. This increase in value is in the region of 30 percent on the original purchase price, and is further boosted by the fact that very few units become available for resale.

“We are also seeing a trend among existing homeowners to upgrade to a more expensive property or to acquire an additional property. This is arguably the ultimate in waterfront living, with the limited size of the island creating an exclusive archipelago which have ultimately accommodate a total of approximately 550 homes,” he says.

Sold with freehold title ownership, the prices of units at Eden Island range from one bedroom units starting at $385 000 through to magnificent villas which range from $2.6 million to $4.5 million. No stamp duty or VAT is payable. The units are fully air conditioned throughout with a choice of finishes and Miele fitted kitchens all included in the purchase price. Furniture packages are optional.

Construction of additional facilities on Eden Island continues apace with the tennis court complete and used on a regular basis with a tennis coach available for residents. The retail centre will open in the next few months, offering homeowners a whole new array of shops, restaurants and bars right on their doorstep - without having to leave the island. Eden Island already has three completed beaches, a fully equipped clubhouse, fitness centre, two resident swimming pools and delicatessen.

Each unit on Eden Island includes its own mooring and currently approximately 120 yachts are moored on the island, ready at hand to explore the many neighbouring islands. Super- and mega-yachts, which can be accommodated on the international marina, are also becoming more frequently seen at Eden Island.

Seychelles continues to demonstrate its economic resilience, having achieved economic growth of five percent in 2011 while managing to keep the cost of living under control. Despite increases in the prices of petroleum products, the cost of public transport remained the same while electricity tariffs and prices of essential commodities increased only slightly.

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