Mauritius is fast becoming a second home for South Africans and with the recent changes in the Mauritian government’s property investment legislation, it is now a lot easier to invest in residential and commercial property on the island. Theo Pietersen from Seeff Mauritius says there is now a host of new developments enticing SA investors to the island.
You are not just investing in a fabulous island lifestyle, but Pietersen says that you are investing in an excellent economy and strong property market. Mauritius is now regarded as the place to do business in Africa.
A recent study by wealth consultancy, New World Wealth in conjunction with AfrAsia Bank, places the island country as the best performing economy with the wealthiest people with $25,700 in wealth per person in 2016, up from $21,400 in 2015. It also puts Mauritius as the top performing African country for wealth growth, with 230% growth over the ten years to 2016, stating that it is not only the fastest growing wealth market in Africa, but one of the five fastest growing worldwide.
NWW also considers Mauritius to be one of the top five prime property hotspots in Sub-Saharan Africa along with the likes of Cape Town, Plettenberg Bay and Umhlanga. Pietersen says that this is in line with the rising demand for property investments, not just residential, but increasingly business and commercial space given the growing work sector.
In line with this, Seeff is now marketing an exclusive new development that brings a fabulous work and play space to the island. OneGrandBaie, a 10,000sqm mixed-use development is strategically situated at the entry of Grand Baie, minutes from the city centre with 70m frontage on the M2 Motorway and a slipway for easy access.
OneGrandBaie – mixed-use retail and office
OneGrandBaie offers 105 modular offices with air-conditioning and internet connectivity along with 9 retail units (mostly large showrooms), parking for over 170 vehicles plus additional visitor parking, 24/7 security and controlled access and 360-degree views over Grand Bay, the five northern islands, Pointe aux Piments and the mountain range.
OneGrandBaie is a smart building with green features. Careful design and use of colours and ambient lighting aims to reduce anxiety and restlessness, even as you wait in the lift lobby, says Pietersen. Common areas are also conducive to networking.
Additional facilities include six fully equipped boardrooms for business meetings. To enhance the working life experience, there is a café and gymnasium along with the first ever sky bar on the island; the ‘One Sky Bar’ with indoor and outdoor seating and a fine restaurant and bar, accessible for lunch and dinner.
Commercial properties are selling like hotcakes on the island with high demand from foreigners, and Pietersen says that foreigners can buy as many units as they wish and can use them for own use or rent them out. Rental demand is expected to be quite high.
The development is well priced, says Pietersen. The office units range upwards of around 25sqm, priced at approx. ZAR29,424/sqm (MUR72,000/sqm), equating to approx. ZAR736,000 for a 25sqm unit.
There are also a number of exciting new residential developments of interest to South Africans, these include:
Ocadia, apartments and penthouses
Ocadia is located in Balaclava on the north-west coast, close to Grand Baie and the capital, Port Louis. It offers three-bedroomed apartments and penthouses with fabulous views and beach access, a fitness centre with a gym, spa, hammam, sauna and changing rooms and landscaped grounds and an infinity pool overlooking the ocean. Prices range from approx. ZAR16m (MUR43,000,000).
Le Clos du Littoral (Phase 2), luxury plantation-styled residences
Le Clos du Littoral (Phase 2) is located in the north, near Grand Baie with access to the Trou Aux Biches Beach Club. It offers luxury plantation-styled residences in a choice of layouts with 2-3 bedrooms, an office/study, private pool and entertainment lapa set amidst landscaped grounds and with a plethora of services including boat parking for those wishing to cruise the turquoise lagoons of the island. Prices range from approx. ZAR8.7m (MUR21,951,590).
St Antoine Private Residence, luxury apartments and penthouses
St Antoine Private Residence is also close to Grand Baie and offers luxury apartments and penthouses with 2-4 bedroomed options, an expansive clubhouse with a resort-style swimming pool, children’s play area, deli, bar, lounge, beauty salon and spa, a boat yard and storage. Prices range from approx. ZAR8.3m (MUR20,900,000).
Opalines, apartments and penthouses
Opalines is located in Pereybere close to Grand Baie within walking distance of the beach. It offers three-bedroomed apartments and penthouses in two buildings amidst stunning landscaped gardens. Ground floor units enjoy stunning garden views and the upstairs penthouses boast wrap-around terraces and sea views. Prices range from approx. ZAR6m (MUR15,000,000).
The island is very accessible with 4-5 hour flights from South Africa. Buyers and investors also have access to finance, both from South African banks as well as in Mauritius at interest rates of 7%-9% and with 40% cash deposit requirements.