{"id":527048,"date":"2021-10-10T09:00:06","date_gmt":"2021-10-10T07:00:06","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=527048"},"modified":"2021-10-08T15:02:44","modified_gmt":"2021-10-08T13:02:44","slug":"more-south-africans-expected-to-make-the-move-to-mauritius-as-borders-reopen","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/527048\/more-south-africans-expected-to-make-the-move-to-mauritius-as-borders-reopen\/","title":{"rendered":"More South Africans expected to move to Mauritius as borders reopen"},"content":{"rendered":"

A sharp uptick in demand for property in Mauritius is anticipated as the borders reopened to vaccinated South Africans on 1 October, says S\u00e9verine Dalais-Pietersen, a marketing executive for Seeff Mauritius.<\/p>\n

Air Mauritius resumed weekly flights to South Africa on 1 October, with the island country having lifted its travel ban on South Africans in September with conditions.<\/p>\n

Before arrival, passengers must complete a health form and a passenger locator form. You will also need to present a negative PCR test taken within 72 hours from the last point of embarkation.<\/p>\n

As the island prepares for an influx of tourists, Dalais-Pietersen said there is a growing expat population which fuels demand for new developments and further contributes to the vibrant sales and rental market.<\/p>\n

The island lifestyle, excellent infrastructure, including a good education, healthcare and a robust financial system along with attractive tax benefits including a flat rate of 15% (individuals and corporates) are part of the attraction for foreign buyers and investors, she said.<\/p>\n

Pre-pandemic Mauritius boasted one of the strongest economies in Africa and was upgraded to a high-income country by the World Bank in mid-2020. It boasts the highest per capita wealth in Africa at $31,900, followed by South Africa at $10,310.<\/p>\n

Approximately a quarter of real estate sales were to foreign buyers in the pre-pandemic period, and Dalais-Pietersen expects this to recover quickly depending on the pandemic.<\/p>\n

“There may even be a boom as buyers look to escape the confines of the pandemic in their home countries. Bear in mind; few people have been able to travel over the last 18-months.”<\/p>\n

After French buyers, South Africans comprise the second-highest volume of sales, with volumes rising rapidly – up from 14% five years go to 25%. New World Wealth estimates that some 280 of South Africa’s dollar millionaires have relocated to Mauritius since 2007.<\/p>\n

Residential prices expanded by about 133% over eight years to 2019. The market is diversified across commercial and residential, offering sales, rentals and investment opportunities, Dalais-Pietersen said.<\/p>\n

What are South Africans investing in?<\/strong><\/p>\n

Foreigners may only purchase and invest in certain designated property developments, but these are in excellent locations, generally along the coast, said Dalais-Pietersen.<\/p>\n

There are several new developments around the sought-after north-western area close to Grand Baie of interest to South Africans. The most exciting is “The Welnest Residential Hideaway”, opposite the 5-star Maritim Resort and Spa about midway between Port Louis and Grand Baie.<\/p>\n

It is next to Turtle Bay, Mauritius’s first protected marine park and close to the Turtle Bay 18-hole championship golf course, business centres, and schools.<\/p>\n

“The development is operated by Maritim and offers 5-star beach resort amenities including direct beach and sea access, hotel services for all residences, restaurants, leisure centre with a host of features including a fitness centre and spa, mediation decks, yoga and tai chi.”<\/p>\n

Seeff pointed to a choice of apartments with two to four bedrooms, four-bedroomed penthouses and villas with three to four bedrooms. Prices range from just over R5.8 million (MUR 15.7 million) (plus costs) for a two-bedroomed apartment.<\/p>\n

The expected return on investment is 6%-7% per annum over ten years on average, or 4% fixed guaranteed return over five years, Seeff said. “There are attractive launch prices, and a deposit of only 10% is required to secure your unit,” said Dalais-Pietersen.<\/p>\n

\"\"<\/a><\/p>\n

Visa options for South Africans when investing in property<\/strong><\/p>\n

Mauritius is a fabulous destination to own a holiday home in, but an increasing number of South Africans are relocating and retiring to the island, said Dalais-Pietersen. Given the accessibility from and to South Africa, it is ideal for second homes.<\/p>\n

The investment needed for a residency visa now starts from only $375 000, down from the previous requirement of $500 000, as a property investment, said the marketing executive.<\/p>\n

“Long-stay visas are now also available subject to certain conditions, which is a great option for remote workers or if you want to experience the lifestyle before making a permanent move,” said Dalais-Pietersen.<\/p>\n

\n

Read: The cost and time it takes South Africans to move to Mauritius<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A sharp uptick in demand for property in Mauritius is anticipated as the borders reopened to vaccinated South Africans on 1 October, says S\u00e9verine Dalais-Pietersen, a marketing executive for Seeff Mauritius.<\/p>\n","protected":false},"author":10,"featured_media":527096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,10773],"class_list":["post-527048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-seeff"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/527048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=527048"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/527048\/revisions"}],"predecessor-version":[{"id":528026,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/527048\/revisions\/528026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/527096"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=527048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=527048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=527048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}