One of the market developments of unprecedented interest is Heritage Villas Valriche, located in the preserved southern part of the country. Since June 2021, their sales and marketing director, Christophe Piquet, has sold 28 villas priced at £1 million and over and 36 properties reserved with a deposit.
He said: “Last year we introduced new contemporary villas which were very popular, selling plots with a starting price of over £822,000 to buyers using a range of architects to design their houses. We now have just 28 properties for sale, 20 of which are off-plan.
Robert Green, founder and CEO of Sphere Estates, said: “Mauritius attracts foreign investors because of the lifestyle, but also because it is considered one of the safest countries in Africa, with a dynamic economy and a stable political framework. From a tax perspective, it makes sense if real estate buyers see good capital appreciation from their investment.
The IRS (Integrated Resort Scheme) is also a major attraction as it provides residential and tax incentives to buyers, creating a favorable environment for investment. More and more families are moving to Mauritius part-time or full-time, where they can benefit from the excellent lifestyle, excellent business environment and quality schools.
Sales of prime developments have been unprecedented over the past 18 months, say international agents and local developers. According to the 2022 Africa Wealth Report, Mauritius is home to around 4,800 high net worth individuals (HNWIs), a 78% increase from a decade ago. The island’s strategic location, dynamic business environment and favorable financial policies and its assets are sought after by HNWIs worldwide.
From 2014 to mid-2022, foreign direct investment in high-end real estate totaled 63.3 billion rupees (£1.12 billion), representing 40 percent of all foreign investment, according to the Central Bank of Mauritius. As the demand for real estate increased, the number steadily increased. Bloomberg reports that by 2022, property sales could help boost revenue to 25bn rupees (£443m).
Sales of prime developments have been unprecedented over the past 18 months, say international agents and local developers. They say consumer demand will recover as travel resumes as Britons, Europeans and South Africans view the island as a “safe haven” and buy property for investment and lifestyle reasons.
With Google searches for the term “global luxury real estate” up 110 percent over the past three months, the Indian Ocean island of Mauritius’ luxury real estate market has seen a marked recovery after several years of declining interest due to the pandemic and travel difficulties.
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