South Africans continue to flock to Mauritius in search of permanent residency deal

 ·13 Aug 2022

Growing global demand to buy luxury residential units in prime leisure destinations with access to hotel facilities and a rental pool for income generation has seen the launch of 45 apartments connected to the La Pirogue Hotel on the west coast in Mauritius.

Permanent Residency is also a deal-clincher, according to Pam Golding Properties.

Brought to market by property developers 2Futures, Ciel Properties and Sun Resorts, the prime location and facilities offer the ideal live-work-play destination, said Richard Haller, director of Pam Golding Properties Mauritius, marketers of the apartments.

“Buyers to date are mainly Europeans, Mauritians and South Africans who are drawn by the Permanent Residency aspect and a beach-type, lifestyle offering with 60 days’ usage – with all the resort facilities at hand. The two and three-bedroom units are proving the most popular for South African buyers, while we have just sold two penthouses to a Mauritian investor,” Haller said.

“When a non-citizen invests a minimum of $375,000 in a Property Development Scheme (PDS) such as La Pirogue Residences, they can live in Mauritius under a Permanent Residence permit for as long as they own the home, while their spouse, dependent parents and children younger than 24 years also qualify for the permit.

“With the latest changes in legislation, permanent residency permit holders no longer require an occupation permit to work on the island. They are free to look for gainful employment within the employment market as per a citizen of the island.”

Also positively, the latest change gazetted on the 27 July 2022 is that foreigners will be able to partner together to purchase one property and apply for more than one residency permit, provided each partner spends the required $375,000 or more.

La Pirogue Residences comprises two-bedroom/two-bathroom, three-bedroom/three-bathroom and four-bedroom/four-bathroom apartments within a single complex, at prices starting from $725,000, $925,000 and $1.8 million respectively.

“With an estimated occupancy rate of 65%, owners have the potential to generate an average yield of 6.75% per annum,” said Haller.

La Pirogue was one of the first resorts on the island, turning 45 last year (2021). Today it has six restaurants, eight bars and an authentic Hammam within its spa facilities, and a fully equipped fitness centre.

Haller said that owners will also enjoy access to the facilities in Sugar Beach and La Pirogue resort. Sugar Beach, Sun Resorts’ five-star luxury hotel, is set in over 12ha of landscaped tropical gardens, flanked by an unspoiled lagoon along a pristine coastline with postcard-perfect sunsets.

“Our sales activity in Mauritius, in general, has been very busy for the past six months as tourism has opened up, creating a boost for interest in residential property, particularly with permanent residency in mind. Many of our South African buyers are from a younger age group who are seeking residency, while historically, most of our buyers were approximately 55-75 years of age. Apartments such as La Pirogue Residences, which offer all the benefits and facilities of a hotel/resort complex are definitely increasingly popular.”


Read: The cost of moving to Mauritius as an entrepreneur or retiree

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