Investors in luxury property are looking at location and proximity to nature when deciding where to buy in Mauritius. In addition, there is a growing trend for more families to work remotely and live at the coast instead of in the city. For South Africans, it could mean investing in a new island home.
Almost half the respondents to the Attitudes Survey published in the annual Knight Frank The Wealth Report 2020 rate locality and surroundings as the deciding factors for clients choosing a new home. The survey tallies responses from 620 private bankers and wealth advisors, who manage more than US$3.3 trillion of wealth for ultra-high-net-worth individuals.
Design and functionality are important too. Things like courtyards, meditation rooms, resistance pools or living walls hold appeal. However, waterfront, forest and mountain locations are paramount.
According to the report, people want a haven to retreat to for one month a year to focus on wellbeing. This bodes well for Mauritius luxury property investors who want to expand their portfolio with a view to gaining strong rental returns. When asked how important wellness attributes are in their property investment decision, the respondents highlighted access to nearby green spaces, availability of wellness facilities, property design, and how it contributes to their physical and mental wellbeing.
Mauritius, in general, is geared to deliver on these desires through government initiatives and the vision of savvy property developers such as 2Futures, long established in the north of the island. The Ministry of Health and Wellness (Mauritius) operates under the portfolio of the Minister of Health and Quality of Life, which envisions a “healthy nation with a constantly improving quality of life”. Its mission includes promoting “healthy lifestyles and an environment conducive to health”.
Lifestyle estates
Lifestyle estates such as Mont Choisy Le Parc Golf and Beach Estate in the north fit the bill for two segments of the property investment market. Homes here appeal to baby boomers (born between 1946 and 1964), who want to live in comfortable, secure, spacious properties in attractive, parklike environments.
It also meets the requirements for being close to leisure and sports activities, shops, restaurants and medical facilities, among others. Mont Choisy Le Parc homes are conveniently close to the smart city precinct being developed in the area, which increases their value.
Multigenerational living is an ongoing trend. Spacious properties like these, with bedrooms en suite and expansive living areas that flow to the outdoor living areas appeal to families who want to share accommodation. A villa here or at Manta Cove in the west is the perfect solution. What’s more, when it comes to location, Manta Cove has the best of both worlds – mountains behind and ocean in front.
Manta Cove
Permanent residence permit
The Mauritius government has made changes to its foreign investment regulations for property, enabling the investor, spouse, children up to the age of 24, and their financially dependent parents to get permanent residency. Dependents are defined as a spouse (including common law partner of the opposite sex), parents of an occupation permit/residence permit holder, and children, including stepchildren or lawfully adopted children, under 24 years of age.
The qualifier is an investment in property for a minimum of USD375,000.
Mauritius offers so much more to wealthy baby boomers and members of Generation X (born from 1965 to 1980), who want to invest in offshore property. South Africans in these segments won’t only be wanting better quality of life, although this is a major driver.
If the investment is for a holiday or second property, they could be looking for rental returns or taking a long-term view on future relocation. On the other hand, they could favour the location of Mauritius on the Asia-Africa Growth Corridor, which bodes well for future ease of travel and business opportunities. In the short term, they could be interested in the tertiary education options offered by the many international university campuses on the island.
To find out more about finding your ideal island home in a highly desirable location, close to nature, reach out to our consultants.
English