Over 300 residential development units sold in Mauritius

Home to a sizeable community of expatriates, the island of Mauritius is increasingly popular among South African home buyers – either for holiday use or long term residence, says Dr Andrew Golding, CE of the Pam Golding Property group.

“With its beautiful beaches, strong and stable economy and good infrastructure - and conveniently situated just four-and-a-half hours from South Africa by air, Mauritius offers South Africans permanent residence in an idyllic environment. Mauritian property is sought after and with future shortage of prime sites, this is an ideal time to consider an investment in a home in a brand new residential development, where entry level prices are of the equivalent of approximately R3.7 million,” he says.

To date Pam Golding Properties (PGP) has sold just over 300 units at a total value of approximately USD230 million at a number of residential developments in Mauritius, namely Tamarina (where all 119 villas sold out at a total value of approximately USD100 million) , Cape Bay, Elements Bay, La Residence, La Tourelle, Villas de Tamarin and Le Terasse de Mortello.
Says Dr Golding: “Some buyers seek to acquire second home in an appealing and secure country which is easily accessible for holiday use, while others, especially those in the age group from 55-70 years, may be looking to retire, taking up permanent residency on the island and perhaps capitalise on potential tax advantages. Purchasing property in Mauritius is simple and buyers have protection due to guarantees that have to be issued by the developer and third party banks. Residency is acquired with property purchases over USD 500 000.

“From an investment perspective, property in developments of this kind has generally enjoyed excellent capital growth, in some cases as much as 20-25 percent from the date of being launched into the marketplace to building completion, so purchasers are potentially able to benefit from an increase in the value of their investment from the date of signing. Rental yields vary, depending on position and the offering of the development, however 3-5 percent is the norm in the first year and this is expected to grow as rentals and occupancies increase. There is also a strong short term rental market, and we are seeing more demand from families who prefer larger and more competitively priced rentals. Mauritius is a very popular tourism destination with around 950 000 tourists during 2012 to date,” adds Dr Golding.

From November 12-18 (2012) Pam Golding Properties is hosting open days in major centres in South Africa, with the PGP team from Mauritius on hand to discuss various property investment opportunities. These include the second phase at Element Bay in the Grand Baie region, as the first phase comprising 19 units at Element Bay beach is completed and sold out. Phase two of Element Bay offers sound value with prices starting from USD400 000, with residency with most units (over USD500 000). Units are well priced and home owners have the option of a three year guaranteed rental at six percent per annum.  

At the new West Island development in Tamarin, this upmarket 78-unit development is nine months from completion and buyers have the unique position of a water-side residence. Only 25 units remain available for purchase, and facilities on site include a restaurant, gymnasium and children’s club. Prices range from approximately R5.5 million (approximately USD 650 000).

The third development marketed by PGP is AO Luxury Residence, a prestigious 30-unit development designed by an international architect, MTK Architects, well situated opposite the well known Merville Hotel in the Grand Baie area. This development will include a beach facility on arguably the best beach in the northern part of the island. Prices also start from approximately R5.5 million (approximately USD 650 000).

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us