If you have longed to invest in property abroad, and have around R2.4?million to spare, here is your dream come true.
If you have longed to invest in property abroad, and have around R2.4 million to spare, here is your dream come true.
Stunning two and three-bedroom beachfront apartments with wraparound sea and sunset views are being developed at Plaisance City on Mauritius.
This investment needs only a 5% deposit with 12 payments over 18 months to be yours. The deposit is payable once building begins in November. The project should be completed by early 2019.
The development will have a reception area, restaurant, concierge, French coffee bar, swimming pool, tennis courts, gym, a boat house and parking, all 800m from the beach. The site is close to the airport and all amenities.
You could use the apartment as your holiday home for one month a year, and for a fee agents will manage and let it for the balance of the year, providing you with rental income in a foreign currency with super-tax benefits.
The apartments are being developed as an affordable investment opportunity, taking advantage of new regulations for foreigners and tax benefits in an area of the island which is expanding.
The rental yields are expected to be more than 7%, an excellent price quality ratio through the use of renewable energies.
The development of Plaisance City is taking place in the southern part of Mauritius. The offerings will include apartments, business offices, conference centres and a first-class hotel.
Since last December foreigners have been allowed to acquire an apartment in Mauritius for a minimum of about €150 000 (about R2.38m), and this has attracted investors mainly from France, the UK, South Africa and Asia.
The occupancy rate in Mauritius in hotels in 2016 was 76% (up from 67% in 2015).
In a worst-case scenario which saw an apartment let for €70 a day for just half the year, it would make €12 600 in just six months. Remove the 15% commission charge for letting agents, and you will have €10 700 left, representing between 5% and 7% return on initial investment.
The apartment building has two faces and looks out over the sea at sunrise, and over the land at sunset. The landside apartments are bigger (139.1 m²), and one corner offers views of the airport.
The biggest of the sea-facing apartments measures 105.5m².
The apartment complex has 12 floors of apartments, with sizes ranging from 139.1m² to 76.3m², all with three rooms, a balcony and parking.
There are also 64.8m² units which have just two rooms, but also have a balcony and parking.
Ground-floor units have a private garden.
The units can be sold fully equipped, thanks to the developer’s partnership with a French supplier.
Mauritius is becoming a hub for companies doing business around Asia and Africa. As a result AML Mauritius Airport Corporation is building a lot of infrastructure, including the biggest commercial centre in south Mauritius.
An apartment bought today is expected to have doubled its value in five years, and no tax is payable on the added value.
If more than one unit is purchased, the prices come down.
Are you interested in this property?
Please call the sole agents in South Africa at Keller Williams, Michael Black on 082 301 8740 and Kyle Aling on 071 685 8681