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).