G+2: luxury living at softer price points

Homebuyers moving to Mauritius from overseas have significantly grown in recent years, statistics indicate. The island, as per one report,  currently hosts 42,000 foreigners working and living in Mauritius. And this even excludes some 5,000 foreign spouses of Mauritian citizens. World Bank data also show that the growth of immigration to Mauritius between 2000 and 2015 grew by an average of about 22 %.

This rise notably came after the government introduced several schemes enabling foreigners to buy or invest in Mauritius real estate. The initial programme, launched in 2002, was the Integrated Resort Scheme (IRS). It essentially targetted wealthy buyers or investors in luxury real estate.

Market widened for foreign homebuyers

Luxury living at price points softer than those in the IRS became available starting in 2016. This came after the government amended the Non-Citizens (Property Restriction) Act. This amendment allowed foreigners to purchase apartments in condominiums built at least two levels above ground (G+2).

In G+2, the Economic Development Board allows foreigners to purchase apartments priced starting from MUR6 million (about USD160,000). The G+2 is suited for aspiring investors, aside from foreign homebuyers moving to the Mauritius apartments they bought.

A qualified non-citizen is entitled to buy more than one G+2 apartment unit, a rental investment opportunity under this scheme. A non-citizen who has acquired an apartment in a G+2, exceeding USD 500 000, is eligible to submit an application for a long-stay visa.

More elbow room in pre-construction purchase

Significantly, prospective buyers can manage their cashflow better in a G+2 deal. An apartment in this scheme may be acquired either on the basis of a pre-construction plan or during the construction phase. This pre-selling mode allows payment in instalment as each phase of construction is completed.

Luxurious features sweeten deals in G+2 developments. These projects provide remarkable amenities typically found in high-end real estate development schemes like the IRS.

Ocean Grand Gaube, a project of 2Futures, put the best foot forward of a G+2 market offering in terms of facilities for its residents. This development features a private clubhouse next to a large, community pool. It also provides a yoga pavilion and a children’s playground with a pool. Ocean Grand Gaube’s grounds likewise incorporate a tennis court, a petanque field, and a wellness centre.

Lush tropical gardens embrace the apartments of Ocean Grand Gaube. These residences are housed in three-storey structures comprised of seven blocks. The Grand Gaube beach stretches just east of this property that unlocks a door to Mauritius at a most opportune price point.

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