With Google searches for ‘global luxury real estate’ skyrocketing by 110 per cent over the past three months, the luxury property market in the Indian Ocean Island of Mauritius has bounced back strongly after several years of reduced interest due to the pandemic and difficulty travelling.
Sales on leading developments have been unprecedented over the last 18 months, say international agents and local developers. They claim that consumer demand is revving back to life as travel resumes, with British, European and South Africans considering the island a ‘safe haven’ and are buying property for investment and lifestyle reasons.
Between 2014 and mid-2022, foreign direct investment in high-end property totalled 63.3 billion rupees (£1.12 billion), or the equivalent of 40 per cent of all overseas investment inflow, according to the Bank of Mauritius. As demand for real estate has been increasing, that number has been steadily ballooning. In 2022, property sales helped push inflows to 25 billion rupees (£443 million), according to reports by Bloomberg.
Mauritius is home to around 4,800 high net worth individuals (HNWI) – a staggering 78 per cent growth compared to a decade ago, according to the Africa Wealth Report 2022. With its strategic location, dynamic business landscape and an advantageous fiscal regime, the island and its assets are highly coveted by HNWIs from around the world.
Robert Green, founder and managing director of Sphere Estates, said: “Overseas investors are attracted to Mauritius because of the lifestyle but also because it is considered one of the safest African nations with a dynamic economy and stable political framework.
“It makes sense fiscally with property buyers seeing a good capital uplift from their investment. The IRS (Integrated Resort Scheme) is also a big draw as it gives buyers residency rights and tax advantages, creating an enabling environment for investment. We are seeing an increasing number of families relocate, part or full time, to Mauritius where they can benefit from the wonderful lifestyle on offer, excellent business environment and quality schools.”
One of the developments in the market seeing an unprecedented level of interest is Heritage Villas Valriche, located in the preserved south of the country. Their sales and marketing director, Christophe Piquet, has sold 28 villas with prices ranging from £1 million upwards since June 2021 and 36 properties under reservations with deposit. He said: “We introduced some new contemporary villas last year that have been very popular and have sold plots of land at starting prices over £822,000 with buyers using a variety of architects to design their own house. We now have just 28 properties left to sell among them 20 off-plan.”
The type of buyer is changing slightly, claims Piquet. “Heritage Villas Valriche has typically attracted buyers that are 50 plus, early retired, have sold their business and have a penchant for golf, travelling and nature. We are now starting to attract families and also developers buying and constructing to sell on.”
At Heritage Villas Valriche, Ray Jennings, the South African cricketer and coach, whose son Keaton Jennings has played for England, purchased a home on the estate.
The story is a similar one at One and Only Le Saint Geran, developed by Kerzner International, on the east coast. Sales have been exceptional over the past 12-18 months with the development selling the last freehold properties available in Mauritius. In the last 12 months, they have 39 confirmed sales with deposits and a further eight sales in negotiation.
Green added: “There has been a good balance of nationalities buying, primarily including German and Austrian, French, Swiss, Mauritian, South African and British – representing more than 80 per cent of the owners. Typically, buyers see Mauritius as an attractive destination to secure their wealth through a smart investment on a dynamic real estate market.”
Recently voted World’s Best Nature Destination in a new study by Trip Advisor, the island nation’s lush tropical forests, pristine white sand beaches and sparkling turquoise lagoons coupled with a pleasant year-round climate makes it the ultimate destination for both retreat seekers and outdoor enthusiasts alike to own a slice of tropical paradise.
With new findings revealing that 75 per cent of luxury home buyers are choosing their next home with environmental sustainability in mind, luxury real estate developers have been striving to minimise their ecological footprints.
At Heritage Villas Valriche, sustainability is at the heart of the development with a next-generation, low-density masterplan capturing the essence of living in harmony with nature, with villas only accounting for 40 per cent of the development area. It is also one of the few real estate developments in Mauritius to have facilities to recuperate and manage water resources with all waste water re-purposed.
Committed to creating a thriving space for everyone, Heritage Villas Valriche launched a social programme in a bid to give back to the beautiful Bel Ombre region. For every plot or villa sold, $5,000 USD is donated to charitable causes, including schools, families in need, local sports clubs, as well as local community schemes to empower vulnerable children and youth across the region.
Moreover, its second golf course, La Reserve Golf Links, due for completion by the end of 2023, will be the only golf course on the island to have acquired Golf Environment Organisation (GEO) certified status since the commencement of construction.
For more information, visit villasvalriche.com.
