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Dec 17, 2021

Mauritius: A Smart Investment

Mauritius has long been an attractive holiday destination but more recently it has become a very attractive property investment destination. 

In addition to the allure of palm-fringed beaches and turquoise waters, the launch by the Mauritian government of the Smart City Scheme in 2015, a mixed-use property development programme that incorporates office, residential, commercial, educational and medical spaces as well as a leisure component, has seen a marked interest in foreign investment.  

About Beau Plan smart city 

Novaterra, the real estate development arm of the Terra Group in Mauritius, introduced their smart city project, Beau Plan, in 2017, with a focus on creating a new urban node, making use of a large land bank owned by the group in the north of the island. “The mission was to take a small percentage of that land and convert it into real estate projects, thereby creating value for all our stakeholders” explains Joel Couve de Murville, Head of Sales and Marketing at Novaterra.  

The project, which spans over 228 hectares, will continue to develop over the next 15 years. In time, the project will consist of around 2 400 residential units, 250 000m² of office and commercial space and a 9.5m² green area. “The green component is really important for us – parks and green spaces are scattered throughout the development including in the business district. We are creating a fully walkable and cyclable city to encourage light mobility.” 

The smart city has been planned around five key pillars – Learn, Work, Live, Create and Play.  

On the education side, the first phase of the African Leadership College campus was delivered in 2018 and today houses five hundred students in residential learning. The vision is to have around 10 000 students in the zone earmarked for tertiary education. The English medium school which offers the IEB curriculum, currently caters for the pre-primary and primary, with a new phase offering secondary tuition starting from 2024.   

The business city is a huge drawcard, only 15 minutes away from the capital and around 25 minutes from the financial district. “We will soon be building direct access from the motorway to the business city and will unlock the first phase of the business city early in 2022,” says Joel Couve de Murville. The area will also include a media City.  

The 12 000m² prime lakeside Mahogany Shopping Promenade, which houses a supermarket, pharmacy, retail stores and banks, is already about 95% let. Still to come is a boutique business hotel, healthcare facility, retirement village and sports centre. As the sea is only 10 minutes away, work also starts next year on a beach club, which will give residents private beach access. The construction of 10 000m² of prime, lakeside offices around the central lake, is due for completion in December 2022.   

The residential development, Mango village is at the heart of the project, opposite the lakeside offices, with a pedestrian link to the park.  

“It’s all about making sure that the right activities are next door to each other to create the perfect lifestyle,” says Joel Couve de Murville. “With Mango Village we’re capitalising on the soul and character of the environment, while adding state of the art infrastructure.” 

 

Why choose Beau Plan? 

“We own all the land inside the project and also own the vast majority of the land around the project so we’re in full control of our environment and that is critical in real estate,” says Joel Couve de Murville. 

In addition, there are the following reassurances:  

  • Credibility of thedeveloper. The group has been aroundsince 1838.  
  • Location andaccessibility.The project has exceptional accessibility to all parts of the island and is right next to the major motorway that links the north of the island.   
  • World-classinfrastructure.
  • Longtermvisibility and planning. What happens around you is key to the value of your investment and here we give long-term visibility for future owners and stakeholders.  
  • Supportstructure. From the first touch point, to facilitating the process of acquisition, liaising with the authorities in Mauritius, theprocess is made as seamless as possible. 
  • Lifestyleand security.
  • Smart Cityschemebenefits are accessible to foreigners. 

Beau Plan and Mango Village tick all the boxes from an offshore property investment perspective, says Scott Irving, General Manager Carrick Property: 

  • The interest rates range from 3% to 4%, a very attractive option for South Africans in particular. 
  • From the first phase, which was commercialised in 2019, there’s been a 30% appreciation in prices. 
  • A few years back in Mauritius you were looking at no more than 60% leverage from the banks and financial institutions. Some banks now offer up to 90% leverage on property, even to foreigners.  
  • It benefits from high accessibility which gives it great yielding potential (around three and a half percent of gross yield currently) which is expected to increase over time.  

 

Residential acquisition  

  • Any person including a non-citizen may acquire a built-up residential property.
  • Non-citizensacquiring a residential unit for a value exceeding 375,000USD under the scheme are eligible for a residence permit applicable to the owner and their family. Although the Mango Village 2-bedroom apartment starts at 290, 000 USD which is below the residency cut-off rate, a Deco Pack option (which includes full furnishings), will take you to that threshold.  
  • Aresidence permit means that the permit holder and their family are exempted from the requirement of a work or occupation permit. So once you buy a property, you can also work in Mauritius. 
  • No restriction on rental or resale of residential units to Mauritians or foreigners.
  • Entities including domestic or foreign companies, societe, foundation, limited partnership and trusts can acquire a built-up residential property.
  • No minimum price for the acquisition of a residential unit.

 

On offer 

Apartments (2 to 3 bedrooms), from 290,000 USD 

Duplexes (3 to 5 bedrooms), from 450,000 USD 

Penthouses (3 or 4 bedrooms), from 714,000 USD 

 

Explore Mango Village in one of our latest webinar recordings here: https://www.carrick-property.com/invest-in-mauritius-live-smart-live-webinar/ 

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