South African buyers have continued to demonstrate a strong appetite for offshore property investments in 2020, despite the impact of the coronavirus pandemic, says by Dr Andrew Golding, chief executive of the Pam Golding Property.
Golding said the biggest demand from South Africans is unequivocally still for Portugal, with the ultimate goal being EU citizenship. This is followed by Mauritius and Grenada – which offers a path to US residency.
“The US will always be a pull for those looking for a bigger and better lifestyle, and therefore the EB-5 Green Card programme will always be interesting for high net worth South Africans looking to participate in the biggest economy in the world,” said Golding.
“In addition, the EU residency programmes allow for a good hard currency investment coupled with the ability to acquire EU Residency opportunities for your family, enabling dependents to cast their net further afield when considering studying or working in Europe.”
During the lockdown, Golding said there has been a significant increase in enquiries from South Africans for property offering residency in Mauritius, attributable to a number of factors.
These include the increased desire for security and health safety during uncertain times, the drop in the price entry level for residency from $500,000 to $375,000, ease of access, ease of transition due to familiarity, and an existing, large South African expat community.
“The successful managing of Covid-19 on the island also assisted in providing confidence to invest and spend time in Mauritius in the security of one’s own home.
“Sales for 2020, despite the global lockdown and travel restrictions, have been strong and are expected to continue in 2021,” he said.
“Generally speaking, investment property in Mauritius starts at about R3 million for a one-bedroom unit in Soleia Residences in Grand Baie, Mont Choisy La Reserve two-bedroom units start at R7.8 million, while top-end villas at Marguery Heights with scenic views over Tamarin Bay are priced from R45 million.”
Golding said that the group has also seen increasing demand for property in the Seychelles.
“The demand for property remains steady, particularly as, being a small island, Seychelles has experienced a low number of Covid cases, and as more people have realised they can work remotely while spending more time in the sun in an idyllic environment.
“Prices of property for sale on Eden Island currently start R6 million for an apartment, R15 million for a maison, and R35 million for a freestanding villa.”