Mauritius Builds Low Priced Resorts to Attract Investment
08 November 2011
Mauritius is well known as being a prime holiday destination, but now developers and the government have teamed up to build plush integrated resorts developments and sell at lower prices, in the hope of attracting wealthy property investors.
It looks as if this is working as a major developer has seen more residences sold to foreign owners during the first six months of this year than during the whole of 2009 and 2010 combined.
Prior to 2009 many second home investors were South African expatriate and developers built with this in mind, but during the global downturn interest waned significantly.
Now according to a report by Ernst and Young, investor demand is picking up, especially for luxurious smaller format units.
This isn't difficult to understand as the average price for an integrated resort scheme in Mauritius was $1.6 million, but now developers are building units priced from $500,000 upwards.
It's easy to see the attraction of Mauritius, as the government has worked hard to create an investor friendly climate.
According to the World Bank’s rankings for investment, personal security, business and law, Mauritius is in the top two out of all 53 African countries, and is set to become the premier African destination for investors during the next few years.
This sentiment is echoed by the Ernst & Young report which sees Mauritius is offering a stable political environment. The banking sector in the country was relatively unaffected by the global crisis, and this should pave the way for the country to experience good growth.