Mauritius: South Africans’ island escape
SA investors are taking a fresh bet on the Mauritian property market as an insurance policy against further political, economic and infrastructure decline in their own backyard
A new wave of wealthy South Africans are apparently looking to relocate to the sunny shores of Mauritius as the Indian Ocean island entrenches its reputation as a thriving business and tourist hub. An estimated 280 SA millionaires — those with investable assets of more than $1m — have moved to the island since 2007, according to market research group New World Wealth. The number is expected to increase significantly as more property development schemes (PDS) are brought to the market. The big attraction of the PDS programme, which is governed by Mauritian legislation, is that foreigners who buy a property in these dedicated, resort-type developments for more than $500,000 (R7.29m) qualify for permanent residency. If the property is valued at less than $500,000, buyers can obtain a residency permit of up to 10 years. Prices typically vary from $230,000 to $1.3m. At least a dozen PDS projects are under construction or in the pipeline. Pam Golding Properties is marketing buying opportu...