Mauritius property’s popularity increases

South African buyers continue to demonstrate a strong appetite for residential property in Mauritius, a location which has sustained its desirability as a prime tourism destination as well as a stable economy and democracy, reports Jonathan Tagg, director for Pam Golding Properties (PGP) in Mauritius.

Says Tagg: “Since entering the Mauritian market with a dedicated PGP office 10 years ago, we have virtually sold out six IRS (Integrated Resort Scheme) and RES (Real Estate Scheme) developments at a total sales value of approximately US$300. All of these developments have been successfully completed and only four units remain available for purchase in one of these projects.”

He says most interest is in the US$400 000 to US$1 million mark – a price range which achieves the highest capital growth - with many buyers seeking a relocation property for the future and with some investors taking a longer term view of relocation. “Others want to acquire leisure property in Mauritius.  In addition, an investment of US$500 000 affords them Mauritian residency, a factor often critical to the transaction. We also have purchasers looking in the price range over US$1 million, however there is less stock available in this bracket.”

Tagg says at a recent PGP property exhibition held in Melrose Arch in Gauteng there was high interest among those not only looking to retire to Mauritius but also those who will continue to work while basing their businesses from the island. “Mauritius is already very popular among those who do conduct business outside South Africa and want a different tax domicile, and particularly suited to families as it’s very secure, has good schools and flights to most destinations. Add to this the appeal of an idyllic island lifestyle with year round sunshine and warm water, and the fact that the country has developed substantially, particularly over the past five years, and it’s not difficult to see why Mauritius is becoming increasingly sought after as a permanent residential location. There has been a substantial upgrade in the road network, a new shopping mall has been completed, cyber city built and a new airport under construction in order to cater for double the number of tourists than previously.

“Bear in mind that Mauritius has been popular for some time not only among South African home buyers – including expatriate communities in Dubai, but also French speaking countries and the UK. The fact that the Mauritian property market was closed to foreign buyers until 2004 created a pent-up demand for homes, especially leisure property. And until late 2008 the only available properties were within the IRS schemes where prices were beyond the reach of most buyers at between US$1.2-6.5 million. In late 2008 the government introduced the RES projects and property was available for purchase from just US$400 000. Most importantly, these new developments enabled buyers to acquire property in the popular towns of Grand Baie and Tamarin, which created an additional wave of interest which has driven the market,” he says.
Three new developments marketed

Now PGP is marketing three new residential developments in Mauritius, two of which are developed by 2Tribes, which has a string of completed projects on the island. Situated in the exclusive Pereybere quarter, a short walk from well known Merville beach and three minutes’ drive from the beautiful town of Grand Baie, the new AO Luxury Resort comprises 32 residential units ranging in size from 195-446sqm for two bedroom two bathroom residences to three bedroom, three bathroom villas. With refined, contemporary finishes which include the use of natural stone and timber and set in a lush green environment, the entire development has a feeling of spaciousness and tranquillity, enhanced by the flow of water throughout. Prices start from US$ 600 000 and PGP has already sold 12 units. Ecological design and building principles have been put into place wherever possible.

At the 27-unit Element Bay Resort, a further 2Tribes development which is also situated in the Grand Baie area, 14 of the one and two bedroom apartments and penthouses have already been sold through PGP, priced from US$400 000. Residents can enjoy an array of watersport facilities provided by the nearby Coin de Mire Hotel, and each apartment includes a parking bay as well as a private terrace or balcony. With contemporary design and superior finishes, sound rental returns are anticipated.

Says Tagg: “These are the fourth and fifth developments we have marketed on behalf of 2Tribes, and both of these projects should commence construction in the last quarter of this year (2012).”

In the heart of Pereybere, La Residence, an exclusive development comprising 26 luxury townhouses, is also selling well with only three units still available, priced from US$650 000. The design focus incorporating slate floors, plantation-style shutters and natural materials is ideally suited to the locale and an indoor-outdoor flow. Construction of this project is now commencing.

At a fourth development in Tamarin on the west coast of Mauritius, only four units remain in the 40-unit La Tourelle development, with completion of the project in just four months’ time. Priced from US$450 000, the homes are located on an elevated property extending over some 1.74 ha, blending into the hillside of La Tourelle Mountain.

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