We chatted to Junaid Salehmohamed, director at 2Futures, about trends in luxury property and the challenges around delivering upmarket Mauritius homes to increasingly discerning clients.
Q. A large segment of the Mauritius property sector has long been marketed as a high-end investment product that offers great returns. Accordingly, do you think that the island holds appeal as a destination for affluent investors?
A. Absolutely. Mauritius is now home to around 4,000 high-net-worth individuals (HNWIs), as at June 2020, according to a New World Wealth report. Residential property usually comprises 25-30% of the net assets of the average HNWIs living in Africa. And in terms of average wealth per person, Mauritius is one of the wealthiest countries in Africa.
Q. Where do your clients want to invest in Mauritius property? Which parts of the island attract them and why?
A. Luxury property investors are opting for locations where nature, family and lifestyle come first. Waterfront, forest and mountain locations are most popular, according to the Knight Frank The Wealth Report 2020. People want access to nearby green spaces, wellness facilities, and sustainable buildings. They want to support local, and live somewhere that has a positive impact on their physical and mental wellbeing.
2Futures developments are way ahead of this trend, whether completed or under construction, and tick a lot of those boxes already. These include the forested lands of Mont Choisy Le Parc in the north, the beachfront locations of Ocean Grand Gaube and Casa Alegria in Pereybere, and Manta Cove, which is established between the ocean and mountains of Tamarin in the west.
Ocean Grand Gaube
Q. Who is most interested in moving to Mauritius?
A. Our client base is increasingly filled with people who want to come to Mauritius to live and work. If they are over 50 years of age, they come to refire rather than retire. The island is a healthy, safe, secure, rejuvenating environment. Who wouldn’t want to live here?
Q. What products and services are most popular in 2Futures upmarket property developments?
A. It depends on your needs and lifestyle. Ki Resort in Pereybere is the only resort-style apartment development that qualifies buyers for the permanent residency permit. This is a major motivator for island property investment.
Those who enjoy living in a secure lifestyle estate look to Mont Choisy Le Parc, close to one of the island’s best beaches and incorporating the only 18-hole golf course in the north. People love the fact that they can get sought-after golf club membership as part of the package.
Mont Choisy Le Parc is close to the new Smart City, as are Le Domaine de Grand Baie and Les Résidences de Mont Choisy. These are designed in collaboration with Aegide-Domitys, European specialists in serviced residences for seniors. Residents have access to facilities such as an onsite spa and wellness centre with hammam and sauna, which is a first for Mauritius.
Our clients also love the prime beachfront locations of Casa Alegria in Pereybere and Manta Cove in Tamarin as well as the large plot sizes available at Serenity Villas. What’s more, residents at 2Futures’ beachfront properties in the north get access to the exclusive 2Beach Club on Pereybere Beach.
Ki Resort
Q. How does 2Futures satisfy the demands of this client base?
A. Our offering is consistently high end, no matter the property type. HNWIs are discerning buyers, who know how to derive value from investments. The 2Futures property portfolio caters for a range of tastes, from lock-up and go apartments purchased purely for rental returns to grand beachfront penthouses and villas that qualify for the Mauritius permanent residency permit. Some developments offer a choice of bespoke finishes so that luxury Mauritius property buyers can personalise their new home.
Q. 2Futures has to keep luxury trends in mind when dreaming up ideal home designs for clients. How do you achieve this?
A. Trends are transient. The architects, designers and decorators who work on 2Futures luxury property developments are aware of overarching themes that may affect choice of materials, finishes, fixtures and facilities. However, we favour timeless sophistication in the island style. Classic elegance is timeless.
Q. The definition of luxury has evolved over the years. Today, luxury is less ostentatious and more intimate. How do you explain this?
A. I like Dr Martina Olbertova’s comment on that in The Luxury Report. She says that embracing the authentic self is the highest form of luxury. People who live, work and invest in the luxury sector are searching for meaning. They are attracted by authenticity, quality, sustainability, stories and experiences. In addition, they want to know that their luxury products, services and investments will empower surrounding communities, have minimal environmental impact, and leave a lasting legacy.
Q. The luxury market is growing steadily every year. Do you think that the Covid-19 crisis will have a lasting effect on the performance of this sector?
A. I believe the pandemic will have a lasting effect on how we live and how we do business. Virtual reality is already our new normal, a trend that is likely to stay. People are reassessing their quality of life, making choices to improve health and wellness, and opting for more sustainable lifestyles. This includes sustainable travel.
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