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Press Office Mauritius Property Developments (IRS, RES) & Property Investments
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| South African Property Buyers Like Mauritius Scheme |
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South Africans have shown a lot of interest in property on the Indian Ocean island of Mauritius since the introduction of the Mauritian Real Estate Scheme (RES) and the current global economic upheaval is fuelling the trend.
And given current economic conditions, South African investors are far more inclined to purchase RES properties. Properties in this scheme range in price from around 18m rupees to 25m rupees (roughly R6m) and usually come complete with ocean view and a pool.
Potential buyers also need an occupational permit, which must then be converted to private residency status in order to be able to qualify for property purchases. Foreigners not making cash purchases are eligible for financing through the IRS and RES schemes subject to the approval of the Board of Investment.
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| Living in Mauritius has Pros and Cons |
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Mauritius is fast becoming an extremely attractive destination for many South Africans seeking a better lifestyle for themselves and their families. What exactly are the pros and cons of living on this island?
Mauritius' close proximity to South Africa makes it, at face value, a more comforting choice of destination for would-be immigrants than, for example, the United States or Europe. The island is now officially classed as a middle income country: According to the recent Human Development Index for 173 countries, Mauritius ranks 67th globally, 40th among developing countries and second in Africa. At the end of 2007, the population of the Republic of Mauritius stood at 1,264,866, with an estimated 21,000 immigrants.
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| Invest in Mauritius Property |
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South Africans seeking to invest in property - whether for residential, holiday or investment purposes - now have the option of purchasing property in Mauritius
With its idyllic lifestyle and non-onerous tax regime, Mauritius offers purchasers and their dependant families permanent residency status as long they continue to own property in Mauritius.
William Campbell of Lew Geffen Sotheby's International Realty explains that the so-called Integrated Resorts Scheme (IRS) was launched in Mauritius by way of amendment to the relevant legislation concerning property ownership by foreigners in 2002. The scheme paved the way for the development of tracts of land – essentially but not exclusively golf estates – which are open to foreign ownership.
| Sotheby\'s International Realty, 21-02-2008 |
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Domaine de Bel Ombre, South West Coast, Mauritius
Price: From USD 900,000 |
Les Salines, Mount Tamarin, Mauritius
ZAR Price on Application |
Ile Maurice, Mauritius
Price: From EUR 945,000 |
Ile aux Cerfs, Mauritius
Price: From USD 1,500,000 |
La Balise Marina, Le Morne, Mauritius
Price: From USD 700,000 |
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