There has never been a better time to invest in Mauritius. The borders are set to open soon and Séverine Dalais-Pietersen, Marketing Executive for Seeff Mauritius says enquiries about new developments from South Africans are rapidly increasing.
Favourable visa options and a flurry of fabulous new developments that offer a slice of paradise are set to attract more South African property buyers and investors as the island looks to start opening its borders, she says.
The Government of Mauritius has made it easier to obtain a residency visa by lowering the required property investment to USD 375 000 (from the previous USD 500 000). It also introduced a long-stay visa (Premium Travel Visa) which allows you to stay for a year subject to proving your income from outside sources. The long-stay visa is a great option for those looking to get a feel for the island before committing to a permanent move, says Ms Dalais-Pietersen.
The borders will start opening from 15th of July to the 30th of September for vaccinated persons (subject to certain conditions) and the island hopes to open fully (for vaccinated people only) from the 1st of October.
Mauritius is an attractive offshore property destination for various reasons and many South Africans own property and are retiring to the island, she says. The property developments available for foreign buyers are top class and often offer great rental returns. The island is easily accessible with short-hop flights of four to six hours from South Africa. The island offers a quality lifestyle, excellent climate and modern amenities, all within easy reach.
Mauritius has been ranked as the wealthiest country in Africa on a per capita basis. It offers an attractive economy and favourable investment and tax landscape. You can freely repatriate your funds should you decide to sell your property.
If you spend more than 183-days here annually, you can be tax domiciled and benefit from the non-double taxation agreement with South Africa (and other countries) and other tax options including a fixed rate of 15% tax for individuals and companies and no tax on capital gains, dividends, profits or inheritance.
The island is popular with foreign buyers from France, South Africa, the UK and other European countries. Property owners from France and Europe often spend up to six months of the year on the island.
While the foreign buying contingent slowed due to the Pandemic and closed orders, local Mauritians took the opportunity to buy like crazy, predominantly plots of land below R4,7 million and apartments and small houses up to R5 million, she says further.
Mauritius has an active rental market consisting of residential as well as holiday letting, although the latter is subdued in view of the travel restrictions. Rental prices range from around R10,000 to as much as R200,000 per month at the top end. Current demand is mostly in the R16,600 to R26,700 per month range for residential property.
The latest property development on offer for South Africans is “The Welnest Residential Hideaway” which is located on the north-west coast of Mauritius.
It is situated 25-minutes from Port Louis midway to Grand Baie and faces the Maritim Resort and Spa and Turtle Bay 18-hole championship golf course. It is in close proximity to business nodes and schools, thus offering a wide appeal to buyers of all ages, she says.
Property owners in The Welnest will have access to a fantastic beachside and historical estate of over 60 acres along the 800m long natural beach of Turtle Bay, the first protected marine park of Mauritius.
The development offers a spectacular setting and a modern lifestyle with all the amenities that you will need. There is a choice of property types including apartments with two to four bedrooms, four-bedroomed penthouses and villas with three to four bedrooms.
Price starts from around R5,5 million (MUR 15.7 million) (plus costs) for a two-bedroomed apartment. Buyers can also benefit from a great return on investment as there is a rental service available and demand is expected to be high. There is a choice of three rental schemes available from Maritim.
Maritim is a 5-star resort with an impeccable track record of over 30-years in Mauritius and the development offers an investment buy with a brilliant return on investment, says Ms Dalais-Pietersen.
Amenities include beach resort facilities including beach and sea access, a hotel service for all residences, restaurants, leisure centre with various facilities including a fitness centre and spa and open-air meditation decks with yoga and tai chi classes.