Land and Property for sale to non Mauritian Nationals
Islands to fall in love with... Mauritius and the Seychelles are
not just for honeymooners. Now property-lovers can buy a home here!
Mauritius
Many decades before the advent of glossy travel brochures luring
travellers to exotic destinations, author Mark Twain penned the
following about the Indian Ocean island of Mauritius:
Mauritius Beaches
“You gather the
idea that Mauritius was made first, and then heaven. And that heaven
was copied after Mauritius.”
Now the sugar plantations that once sustained Mauritius’s economy are
in decline, the island sees the obvious appeal of its warm and
appealing position to attract home buyers. Until recently, foreigners
were not allowed to purchase property on the island but that situation
has changed with the Integrated Resort Scheme (IRS), a government
initiative that has opened up the market to overseas buyers and
investors. Several luxury villa developments are under way on former
agricultural land, mostly hillside locations overlooking beaches and
coral reef.
Keen to prevent the sort of over-development that
has scarred many Mediterranean coastlines and parts of the Caribbean,
the IRS is controlled. Only about 3,000 freehold properties are to be
built. The starting price is £246,000, though many homes will cost
considerably more.
The bonus for buyers is that property
ownership confers “permanent residency” status, and with it tax
benefits — 15 per cent income tax and no inheritance or capital gains
tax.
London-based developers, architects and estate agents are
involved in the first wave of IRS schemes, which typically include a
five-star hotel, championship golf course and spa.
“When you buy
a home at an IRS scheme, you become part of the club,” says Alec Bates,
director of Villas Valriche, an estate of 288 plantation-style homes at
Bel Ombre on Mauritius’s south-west coast. Will this and the tax
advantages of permanent residency be enough to tempt affluent British
buyers, in spite of the 12-hour flight to get there?
As tropical “paradise” islands go, Mauritius certainly has some features that make it stand out from the crowd.
The
island gained independence from Britain in 1968 and has a stable
democratic government and a fascinating melting-pot culture.
From £432,000: hillside houses at Les Salines, Mauritius. Call R. Henri Grignon in Mauritius Cellphone (+230) 250 24 60
Its
earlier French roots give it a more Gallic than Anglo-Saxon feel, which
is reflected in the cuisine. It has an offshore banking sector,
year-round warm weather, stunning natural beauty and wildlife,
watersports, improving infrastructure and a charming colonial capital
in Port Louis.
One negative is that island life is not
sophisticated away from the luxury hotel resorts but the proposed IRS
developments, with their village-like amenities, will help plug this
gap.
Villas Valriche is being built on a hillside next to a
championship golf course, nature reserve and two luxury beach hotels. A
19th century château on the estate has been turned into a fine-dining
restaurant, while a derelict sugar factory will become a new commercial
centre offering boutiques and services.
Michael Ward, managing
director of Harrods, was one of the first Britons to buy under the IRS.
He already owns holiday homes in France and Spain but liked the idea of
a select retreat on a tropical island.
“I was surprised by how
rigorous the buying process was. I’ve bought several homes abroad in
the past, and nobody ever took up my references, but they did here.
Clearly, they want to keep out the ‘wrong’ sort of people.”
Ward bought a four-bedroom home at Villas Valriche and intends to visit with his family several times a year.
“To
be honest. I couldn’t see many downsides. Sterling is strong and we
fixed the price above two dollars to the pound. We’ve got guarantees
from Investec, the bank covering the development project, and I can put
the villa in the rental pool and get an eight per cent return.”
The
homes have up to four bedrooms, an infinity swimming pool, generous
terracing and landscaped gardens. Buyers have a choice of internal
layouts and finishes. Prices start at £390,000 for the two-bedroom
option. A £34,000 registration duty, payable to the government, is
included in the purchase price.
Payment is due in stages — 25
per cent at exchange of contracts followed by instalments during
construction, and the final five per cent balance is due when the keys
are handed over. Completion of the estate is scheduled for the middle
of 2011.
A rental management programme will be put in place and
control handed over to villa- owners. Call R. Henri Grignon cellphone: (+230) 250 24 60 NOW!
Architect
Norman Foster has been commissioned to “reinterpret” traditional villa
designs at another IRS development called Corniche Bay. This hillside
estate of 120 homes is set against the spectacular backdrop of Le Morne
Brabant, a volcanic mountain range, and is wrapped around a Gary
Player-designed golf course.
Low-rise villas will be built in
the lush landscape. Foster’s design uses natural materials, “green”
technology and “harmonious” outside and inside space. Swooping,
wave-like timber roofs maximise natural ventilation and collect
rainwater. Solar power is used and electric vehicles will ferry people
around the site.
There are six villa types — some with more than
5,000sq ft of space — and most have panoramic views of the sea. The
scheme will be launched early this year. Prices start at £1.8 million. Call R. Henri Grignon in Mauritius Cellphone (+230) 250 24 60 NOW!
Les Salines is a peninsula on Mauritius’s warmer western coast. The
site takes its name from salt pans that have been in operation there
since 1808. It is a location with protected forests and a historic
Martello tower. The site is now being redeveloped into 177 hillside
houses, golf course with 50 club villas, six luxury beach residences,
boutique hotel and beach club, botanic gardens and heritage centre.
Sales will begin in the spring, starting at £432,000. Call R. Henri Grignon in Mauritius Cellphone (+230) 250 24 60 NOW!
As with other IRS developments, Les Salines will appeal to affluent buyers who want a luxury bolt-hole and an investment.
Romantics
may lament that an earthly “paradise” is being marketed as a property-
investment opportunity, but Mauritius, the island where the dodo became
extinct, is emerging into a new, more commercial era, willing to share
its charms with the global rich — though not too many of them.
FACT BOX
> Population: 1.26 million.
> Location: 1,200 miles east of
mainland Africa.
> Official language: English and French.
> Government: parliamentary model based on the Westminster system, a combination of British and French law.
> Healthcare: state system plus range of private hospitals and clinics.
> Time zone: GMT plus four hours.
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