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    South African Property Buyers Like Mauritius Scheme   Mail Print

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.

So says Kentish Moorghen, general manager of the new Chas Everitt International office on the island, who notes that the Real Estate Scheme (RES) offers potential buyers slightly less expensive properties than those in the Integrated Resort Scheme (IRS) portfolio, which is also open to foreigners.

And given current economic conditions, South African investors are far more inclined to purchase RES properties, he says. 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.

"South African interest in Mauritian property has increased greatly over the years. Mauritius offers a relatively crime-free, relaxed existence a mere four hours' flight away from SA and the local inflation rate is very stable. Additionally, residents can easily co-ordinate all their business operations from the island as we now have all the amenities necessary to facilitate these interests."

The credit crunch has unsurprisingly had an impact on foreign investment into the country and IRS purchases have slowed but Moorghen says that the market will probably turn upwards within the next six months or so. Construction costs are also expected to drop which will give the market further impetus.

Link Real Estate Scheme (RES)

Link Integrated Resort Scheme (IRS)

  estata, 27-02-2009 [ Back ]  
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