A good time to invest in Mauritius
With the South African Rand performing the best against the Mauritian Rupee in five years, there’s no better time than now to start enquiries around owning the home of your dreams on this beautiful Indian Ocean island.
The strength of the Mauritian Rupee has been sustained by the strength of the Mauritian tourism industry. As we’re all aware, global tourism trends have dipped considerably due to travel restrictions brought on by three waves of Covid-19, and Mauritius was not spared the fallout.
One result has been the strengthening of the South African Rand, US Dollar and Euro against the Mauritian Rupee (MUR), thus presenting an exciting opportunity for foreign investors. South Africans, particularly, have shown interest in Mauritius due to its close proximity, safety, permanent residency programme and, of course, natural beauty and cultural diversity.
Pam Golding Properties (Mauritius) has been serving the interests of the South African property consumer for 18 years and during this time-frame has seen the Rand at a high purchase of MUR 5.8, while the lowest has been around 2. As the Rand currently buys close to MUR 3, buyers are getting almost 30 percent more value when compared with the Rand at its lowest.
So, if a client purchases a property for R10m, today the purchasing power would be around 10 percent higher than 2017 and 30 percent higher than the Rand low in 2020. With the permanent residency qualifying amount for property purchases now at approximately R5.25m, we have seen well-priced properties selling, especially within the US$375 000 to US$1m range, as the Rand strength has improved the perceived value of what can be purchased. (And this despite travel restrictions due to Covid-19.) Investment in property and permanent residency status are now real and affordable possibilities for South Africans who will discover good yields, capital growth and a future home on the island.
Interestingly, another trend emerging is clients opening Mauritian bank accounts and utilising the current Rand strength to sell Rand into foreign currencies. We are available to assist by introducing clients to banks that can accommodate this process.
We also have an informative buyers’ guide and property portfolio if you wish to see what is on offer. We will be launching a few great projects in Grand Baie soon, so please use the form below to let us know if you’d like to inquire about early purchase opportunities, or need further information about other properties in our portfolio.