Real Estate Scheme (RES) now makes ownership of real estate in Mauritius a lot more attainable

Source: Fractional Advertising

Ownership now easier in Mauritius

2009/03/11

Until recently foreigners were limited to purchasing property in golf and beach developments, namely the Integrated Resort Scheme (IRS) of property development, but ownership has now become easier.

The IRS was introduced five years ago by the Mauritian government and has been further extended with the launch of the Real Estate Scheme (RES) which makes ownership of real estate in Mauritius a lot more attainable for more South Africans.

A RES development is situated on a maximum of 10 hectares of land, there is no minimum price set for units and no tourism component is required, says Jonathan Tagg, MD of Pam Golding Properties Mauritius. "Foreign buyers are a prime target market for this new type of development, as now they can own their own exotic getaway on an island paradise for prices ranging from the equivalent of R3 million to R6 million - at current exchange rates."

Cape Bay Beach Resort Mauritius is a new sectional title residential development conveniently located on the north coast of the island, just five minutes from Grand Baie. This luxury development comprises 48 high end, furnished apartments – most with sea views and ranging in size from 125-153sqm. According to marketing agents, PGP, rental returns are forecast at five percent, but promise to exceed 10 percent with increased occupancy.

"When you take into account the premium price paid around the world for high-end coastal property – even compared with luxury homes in prestigious areas on Cape Town's Atlantic Seaboard – these prices are extremely competitive, particularly when you consider the spectacular island setting which makes Mauritius so sought after," says Tagg.

"The Mauritian government has adopted a responsible approach to residential development, being acutely aware of the need to conserve their country's natural environment and retain its sought after, tranquil island appeal. As a result, development is limited with permits for development granted after careful consideration. Well respected internationally for its economic and political stability, Mauritius also enjoys a constantly rising GDP and increasing tourism, further enhancing investor confidence," says Dr Andrew Golding, CE of the PGP group.

The co-developers of Cape Bay are a South African property development company 2Tribes, which has launched successful projects in South Africa and abroad, and My Villas, which has an established track record in hospitality, selling tourism destinations worldwide, and which will manage Cape Bay's rental pool.

"Finance is readily available to qualified buyers at rates of between 5.5 and 6.5 percent. A five percent deposit is required on reservation of an apartment, with 25 percent payable on deed of sale and the balance during the construction process," says Tagg.

Inspired by the traditional Mauritian vernacular while favouring a more contemporary and eco-sensitive design, Cape Bay will blend harmoniously with its scenic surrounds. Situated opposite the beach, the apartments will surround professionally landscaped gardens and a private swimming pool. The resort will be fully served and maintained by My Villas with a 24 hour concierge service available to residents and includes an Espresso Café and Water sport Club.

Buying options range from relaxed beach chic to a more edgy contemporary feel, so owners can choose a style that suits their design and lifestyle needs.

For more information contact 021 762 2617 or send an email.