An idyllic island home in Mauritius - value for money
With Mauritius located only about four hour's flight from South Africa, it is the ideal island getaway for South Africans, says Seeff Mauritius licensee, Theo Pietersen.
Annually close to 100,000 South Africans flock to this paradise island for a holiday, weekend, honeymoon, anniversary celebration and even corporate gatherings, says Pietersen.
Many South Africans have also elected to acquire a second home on this idyllic island in one of the development schemes that allows foreigners to invest in resort-scheme properties. Many have also relocated to the island to take advantage of the growing commerce here, adds Pietersen.
It is an exceptional investor-friendly environment, he adds. The country has a favourable taxation policy with a flat 15 percent income tax rate for private individuals and companies. It also allows full repatriation of capital and there is no capital gains tax on property nor are there any inheritance or wealth taxes. Property owners and their immediate families also quality for permanent residency.
The favourable interest rate which is over 3,6 Mauritian Rupees to the South African Rand is yet another draw card for investors and buyers. The best value on offer here at the moment is the new five-star Azuri resort development, explains Pietersen. Selling at around 40 percent below other schemes on the island, homes here are offering exceptional value with prices starting at just R4,1 million for a 180sqm sea-front apartment.
Yet another key benefit to buyers is the fact that they could buy into the scheme without using their annual allowance that could be taken out of South Africa, he adds.
The development is located on the north coast of the island, about twenty minutes from the capital city of Port Louis. it offers an idyllic ocean setting with additional river and forest views. Buyers can choose from a selection of lock-up-and-go options such as apartments, penthouses and townhouses set amidst beautifully landscaped gardens with swimming pools.
The architecture of the development blends modern design with plantation-style interiors that merge the typical Mauritian lifestyle of indoor and outdoor living. The development includes a five-star boutique hotel, private school, retail and restaurant facilities and a boat club with mooring facilities.
Investors and buyers also have the opportunity to participate in the rental pool programme that guarantees a 5 percent return for three years.
Selling off-plan, the development has proven popular with more than half of the units already sold as buyers from across the country including Cape Town, Johannesburg and Durban, are snapping up the homes, but there are still plenty of units on offer, he adds.
The island is almost a second home for many South Africans. In addition to the new Mall of Mauritius that opened towards the end of last year, the island has a number of familiar retail brands such as Woolworths, Pick n Pay, Fruit & Veg City and Mr Price to the island.