For more financial news, go to the With its long stretches of white-sand beaches, blue lagoons and lack of inheritance tax, the Indian Ocean island of Mauritius has long been a beloved destination for high-net-worth individuals in search of seclusion.
Property is a key source of direct investment in Mauritius, which relies mostly on tourism and manufacturing exports for foreign currency. Between 2014 and mid-2022, foreign direct investment in high-end property totaled 63.3 billion rupees , or roughly 40% of all inflow, according to the Bank of Mauritius. As real estate has boomed, that number has been steadily ballooning. Last year, the finance ministry projected that property sales helped push inflows to 25 billion rupees.
Among the newer entrants in the market is Heritage Villas Valriche, which sold its first villa in the southwest of the island in 2007 and is now in its final phase of expansion with the construction of 46 new units. In total, said CEO Anton de Waal, the project has attracted 13 billion rupees in foreign direct investment.
As demand for luxury villas in Mauritius has grown, it has kicked off something of an amenities arms race, said Arnaud Lagesse, chief executive officer of IBL Ltd. And with new entrants like Kerzner showing up, property developers must be"even more creative in their offerings."
_Business Wasn't Mauritius grey listed a few years ago?
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_Business Cyclone has devastated the island though... some lost those 'investments'