Mauritius continues to attract South African and international residential property buyers to its shores, says Pam Golding Property Group.
With sales of R500 million already concluded in Mont Choisy La Réserve – the third phase of Mauritius’ most sought-after estate, Mont Choisy Golf & Beach Estate, construction is about to commence this month (June 2021) as services are to be installed in preparation for the new phase of upmarket residential units, said Richard Haller, director of Pam Golding Properties Mauritius.
“Sales continue apace, having been steady over the past 18 months, even with the borders closed as the location is well known and the estate offers an exceptional lifestyle and very competitive pricing for the offering and position of the estate.
“All three spectacularly designed penthouses, with views over Grand Baie and the ocean, were snapped up for EUR1.9 million (currently equivalent to R32 million) by European buyers, while 18 of the 27 apartments and four of the seven Fairway Villas have sold.”
The remaining units are priced at EUR430,000 for two-bedroom apartments, three-bedroom apartments from EUR643,000 and villas ranging in price from EUR1.1 million to EUR2.8 million. In addition, 11 Sanctuary Villas, also within Mont Choisy La Réserve, will launch in the next month, selling from EUR1.1 million.
“Phase 3 will include the addition of basement parking, store rooms and golf buggy parking – with the estate becoming buggy-friendly. Construction of La Réserve is expected to take approximately 20 months.”
Within the overall Mont Choisy Golf & Beach Estate to date, which is situated on the popular northern coast of the island in a prime location protected from the elements, South Africans comprise approximately 30% of buyers, about 50% French and 20% from elsewhere in the world.
There is also a large contingent of South Africans currently living on the estate, the property group said.
“Such is the confidence in Mont Choisy that we are seeing repeat buyers, with a client who purchased in phase 1 now a penthouse owner in Mont Choisy La Réserve, and other clients who bought smaller units in phase 1 as an investment now permanently settled on the estate and looking to upgrade to larger units in La Réserve,” said Haller.
“The rental programme which is managed as a joint venture between Pam Golding Properties Mauritius and Monty Choisy Development Company has proven very popular among investors. Pre-Covid there was a shortage of rental stock and we expect this trend to continue when travel resumes.”
He said that rental returns can range from 3.5% to 6%, depending on the type of unit and the type of rental programme. For potential buyers wishing to visit Mauritius, the borders are currently closed until 67% of the population has been vaccinated, which is anticipated in August.
“Safe and with a host of recreational activities, this is a very family-friendly environment but also extremely appealing for people to retire to. Situated within Mont Choisy Smart City, there are numerous activities on the estate and in vibrant Grand Baie which is right on the doorstep. Mont Choisy Beach is a short stroll away from the entrance to the estate.”
Already completed is a new Boulevard and Parkway that will incorporate new retail and office space, piazzas, restaurants, bars and walking tracks; a Peter Matkovich 18-hole championship golf course, clubhouse and restaurant; 211 luxury apartments and villas; tennis courts, paddle courts, equestrian facilities and extensive nature walking trails, a sports and wellness centre which is under construction, La Residence de Mont Choisy seniors’ village; Mont Choisy shopping mall and a solar farm and energy centre.
“Close to Mont Choisy Golf & Beach Estate are a number of international schools, while as the smart city grows, the educational hub will develop. Notably, a C-Care Clinic is due to open its doors in 2022, strategically located near the shopping mall and Boulevard. C-Care is a renowned private health group which combines health and wellbeing,” said Haller.
“Around 60% of our buyers acquire homes for current or permanent usage in the near future, while the balance are investors or leisure buyers who are likely to use the Permanent Residency to spend a good part of the year on the island, or relocate here permanently.”
In order to qualify for Mauritian Residency, an investment of $375,000 or more in an approved real estate development available for foreigners entitles the purchaser, spouse and children up to the age of 24 years permanent residency.
“The latest change in legislation now allows parents of a Residence Permit holder to also apply for a Residence Permit, so the property purchased can be put in the child’s name while the parents can apply for a Residence permit enabling them to also reside in Mauritius.”
The dependants of an Occupation or Residence Permit are eligible to apply for a Residence Permit. Dependants are defined as spouse – including common law partner, parents and children, including stepchildren or lawfully adopted children under 24 years of age.
Dependents need to ensure that they have a valid Tourist Visa and if they wish to work in Mauritius, they need to apply either for a Work Permit or an Occupation Permit, as the case may be.
The advantages of Mauritius as an investment destination include:
- A well-regulated banking sector;
- Double taxation avoidance agreements and Investment Promotion and Protection Agreements (IPPAs) with over 40 countries;
- An economically and politically stable environment;
- A hybrid legal system based on the English and French legal systems, with the Judicial Committee of the Privy Council (UK) as highest court of appeal;
- Efficient air access linking Mauritius to various international destinations;
- Well-developed infrastructure and reliable communication networks;
- A well-educated workforce fluent in English and French, and;
- A favourable tax regime for individuals and companies.