Chance to live in expatriate towns
Michelle Swart finds out more about RES developments on the market in Mauritius
IN 2008 the Mauritian authorities introduced a new property scheme for foreigners, named the RES, which provided an alternative property type for foreign buyers. Prior to 2008, developers needed to develop under the Integrated Resort Scheme (IRS) guidelines and in line with this large golf resorts, where prices started above $1m, sprang up around the island.
With the advent of the RES and a new set of property guidelines, developers were able to develop without the large infrastructural costs and on much smaller pieces of land and as a result property prices now start at around $260 000. Developers are also able to acquire parcels of land closer to or in the towns of Grand Bay and Tamarin which presents a great opportunity for foreigners wanting to live in the popular expatriate towns.
Jonathan Tagg of Pam Golding Properties says that in light of the above changes, Pam Golding is now focusing on developments priced from $300 000 to $1m which are in Tamarin and Grand Bay. “These areas have a good supply of shops, restaurants, schools, beaches, golf clubs and other sporting facilities as well as large expatriate communities and it makes it easier for foreigners to integrate,” he says.
Tagg notes that over the past two years, they estimate that around 150 South African buyers have purchased in Mauritius, making South Africans the second largest foreign buyer in Mauritius. “Our target groups fall into three different consumer groups, namely the couples nearing retirement and looking for a destination to spend their future retirement, younger couples with kids looking for a holiday destination and families looking to relocate to Mauritius in the future. Most buyers are looking for the residency so we find the price range from $500 000$900 000 to be very popular, while we find the $300 000$400 000 price range popular with retired couples looking to spend three to six months a year in Mauritius,” he says.
Tagg says that the Mauritian property market has seen strong capital growth, mainly because there has been a shortage of property supply as the Mauritian market only opened to foreign buyers around 2004 with the start of the first IRS. “With the introduction of the RES in 2008 and the first RES property available in 2009, we have also seen strong capital growth increases, due to the shortage of quality RES developments and good available development sites. There is a shortage of available view sites in Tamarin and good beach access sites in Grand Bay and Pam Golding expects quality RES sites to remain in short supply due to limited land available in Tamarin and Grand Bay.”
Pam Golding Properties is about to launch its first RES development in Grand Bay, with prices starting below R2m and with an excellent location in Grand Bay and a strong rental yield, they expect buyers to get an excellent lifestyle product and good investment in a price range introduced for the first time.
In an exclusive offer from a mere R1,75m, South African buyers can acquire a property in a dream location. Ideal for family holidays, romantic getaways or for those looking forward to a comfortable and unique retirement, Element Bay Resort is located a few minutes from the world-renowned Grand Baie and offers owners access to a whole host of attractions, including vibrant restaurants, coveted shops, state-of-the-art sports facilities and some of the best beaches in the world.
Providing easy access to the beach, Element Bay features 30 one-and two-bedroom apartments and penthouses, and some of these boast sea views. The apartments also overlook the resort’s swimming pool and residents can benefit from the wide array of water sports facilities provided by the nearby Coin de Mire Hotel.
Each apartment offers a parking bay, as well as a private terrace or balcony. For units on the ground floor, the private terraces extend into a garden with tropical landscaping. Contemporary design and superior finishes are par for the course and furniture packages are also available on request.
Element Bay’s varied price range will appeal to both entrylevel house-hunters and businessmen with well established property portfolios. It will also ensure that investors will see significant growth on their capital investment. Rental returns are expected to be excellent.
Properties at Element Bay Resort, which will be available for occupation at the end of 2012, are priced from R1,75m to R 2,9m. The rental pool will be managed by Attitude Resort and Hotel group and the development offers a beach club and sports facilities.
Tagg says this development is ideally suited to couples wanting a Mauritius retreat.
On the west coast of Mauritius, Pam Golding is marketing another RES development named La Tourelle Ocean View Residence. Here 48 high-end luxury apartments are set on the slopes of a property extending over some 1,74ha.
The eco-design of the development combines energy efficiency and low maintenance and includes natural field stone with their brown colour variations to match the rocky outcrops and cliffs of the mountain. The apartments blend smoothly into the hillside of La Tourelle Mountain. A purposedesigned curved timber pergola acts as a sun screen to the building while providing support for creeping plants that significantly reduces the heat transmission and provides natural ventilation.
The interior and the exterior have been designed to blend seamlessly with a spacious, open floor plan that leads out to a large private deck. Prices: Element Bay Resort from R1,75m-R2,9m La Tourelle from R2,8m Contact: Pam Golding Properties Jonathan Tagg 083 680 6012 Benoit Maingard +230 250 3108
An artist’s impression of the La Tourelle Ocean View residence.