More South Africans expected to move to Mauritius as borders reopen
A sharp uptick in demand for property in Mauritius is anticipated as the borders reopened to vaccinated South Africans on 1 October.
Air Mauritius resumed weekly flights to South Africa on 1 October, with the island country having lifted its travel ban on South Africans in September with conditions.
Before arrival, passengers must complete a health form and a passenger locator form. You will also need to present a negative PCR test taken within 72 hours from the last point of embarkation.
As the island prepares for an influx of tourists, there is a growing expat population which fuels demand for new developments and further contributes to the vibrant sales and rental market.
The island lifestyle, excellent infrastructure, including a good education, healthcare and a robust financial system along with attractive tax benefits including a flat rate of 15% (individuals and corporates) are part of the attraction for foreign buyers and investors..
Pre-pandemic Mauritius boasted one of the strongest economies in Africa and was upgraded to a high-income country by the World Bank in mid-2020. It boasts the highest per capita wealth in Africa at $31,900, followed by South Africa at $10,310.
Approximately a quarter of real estate sales were to foreign buyers in the pre-pandemic period, and expects this to recover quickly depending on the pandemic.
There may even be a boom as buyers look to escape the confines of the pandemic in their home countries. Bear in mind; few people have been able to travel over the last 18-months.
After French buyers, South Africans comprise the second-highest volume of sales, with volumes rising rapidly - up from 14% five years go to 25%. New World Wealth estimates that some 280 of South Africa's dollar millionaires have relocated to Mauritius since 2007.
Residential prices expanded by about 133% over eight years to 2019. The market is diversified across commercial and residential, offering sales, rentals and investment opportunities.
Foreigners may only purchase and invest in certain designated property developments, but these are in excellent locations, generally along the coast.
Mauritius is a fabulous destination to own a holiday home in, but an increasing number of South Africans are relocating and retiring to the island. Given the accessibility from and to South Africa, it is ideal for second homes.
The investment needed for a residency visa now starts from only $375 000, down from the previous requirement of $500 000, as a property investment.
Long-stay visas are now also available subject to certain conditions, which is a great option for remote workers or if you want to experience the lifestyle before making a permanent move.