Fine & Country launches in Mauritius
International estate agency Fine & Country has opened a new office situated in Mauritius. Fine & Country Mauritius is joining the global network of estate agents in over 300 locations worldwide.
Bénédicte Duvivier of Fine & Country Mauritius, says, “We are very excited to join the Fine & Country network and establish the brand in Mauritius. Fine & Country being a luxury brand will allow us to set the standard of our agency and target a niche sector, which is the luxury market in Mauritius, focusing on exceptional and rare properties. Moreover, joining an international brand gives us the opportunity to market the properties available for sale on an international platform. The brand referral system will also give us the opportunity to exchange leads with offices in other countries.”
Located in the heart of the Indian Ocean, surrounded by captivating turquoise lagoons, white sandy beaches and coral reefs, Mauritius is a dream island destination for property buyers. Consisting of a unique variety of landscapes, the island is a beautiful tourist attraction with a population of just 1.2 million that has so much to offer expats and their families, with high standards of real estate.
With one of the leading and fastest growing economies in sub-Saharan Africa, Mauritius has been experiencing steady growth for over ten years, making the island a very attractive and reliable country for foreign investors. “While Mauritius is exceptionally beautiful, it is not just a holiday paradise in the Indian Ocean. Stability and economic success over the past decade, coupled with an amazing lifestyle offering have made Mauritius an attractive investment node for property investors. Especially with foreign investors who benefit from a favourable exchange rate,” says Bénédicte.
She adds that to boost Foreign Direct Investment (FDI), in 2001 the government introduced the Integrated Resort Scheme (IRS), where foreign investors could purchase luxury villas at a minimum selling price of US $500,000 to obtain a Mauritian Residence Permit. Six years later the Real Estate Scheme (RES) was introduced, which enabled foreign buyers to purchase more affordable properties with no minimum selling price. However, in the case where a RES unit exceeding US $500,000 is purchased, the buyer is eligible for a Mauritian Residence Permit.
Since the rules governing Mauritian property and residency have become more relaxed, as well as the introduction of several property buying schemes, there has been a surge of foreign buyers investing in a property on the island. Other aspects that have allured property investors to the country include the fact there is no capital gains tax, estate or inheritance tax. This has proved to be a huge drawcard, with the number of foreign investors from countries such as South Africa seeing significant increases.
Bénédicte continues properties in Mauritius consist mainly of villas and apartments, as well as residential lands. The property price range varies from around MUR 10 million and goes up to MUR 400 million depending on where the property is located, its features and benefits it has on offer such as sea views or access to the beach. For high-end properties, the average price is approximately 5,000 euros per square meter.
David Lindley, CEO of Fine & Country, said: “We are very excited about the brand’s establishment in Mauritius which has become one of the African continent’s prime luxury property locations. The local market knowledge of the team in Mauritius combined with the brand’s premium marketing services will be a winning combination that will produce amazing results and offer an exceptional estate agency experience.”
Recognising that luxury properties require a more tailored marketing approach and higher quality materials; the new office will take advantage of Fine & Country’s award-winning marketing service and global referral network to boost their business.