By Nawaz Peerbux. December 2021.
After a long devastating 16 months of strict border control and restrictions, Mauritius finally took the leap of faith and decided to open its doors to the world. October 1st, 2021, marked the date where Mauritius airport came to life as tourists flocked in from all over to visit the island that had caught the headlines during the pandemic.
Since the 1970’s when Mauritius was welcoming an average of 18,000 visitors annually to recent years where the number has exceeded the million mark, tourism has played a key part in its economy. It’s not just the hotel industry that bears the fruits of the third pillar of the economy, but several other businesses such as car rentals, retail, attractions, and last but not least, real estate.
Mauritius is becoming a magnet to a more diverse audience as it strives to continually improve its amenities in all aspects. A key element to the economy is the significant rise in High-Net-Worth Individuals (HNWI – individuals with a net worth of over $1million). The number of HNWI has nearly doubled in the past decade and Mauritius has now taken the number one spot for the Wealthiest country in Africa (on a wealth per capita basis). This is a tremendous achievement as the average wealth per person is $30,000 with South Africa trailing in second place with $11,000 per person.
The financial position of Mauritius has attracted international investment from across the globe. Along with its political stability, there are a number of reasons why Mauritius has become a safe haven for foreign and local investors:
- its international recognition for the way it managed the pandemic
- having one of the highest vaccinations in the world with over 4% of adults being protected
- being classed a high-income country by the World Bank in June 2020
- being labeled as the “Safest Country in Africa” by New World
Having been crowned with the title of “Indian Ocean’s Leading Wedding Destination” by World Travel Awards along with all the other achievements, there are even more reasons to get excited about the prospects of increased revenue across the board. Real Estate is seeing a notable improvement whether in the rental sector or sales. Tourists are nestling in this reputably safe island to spend their extended vacations and opting for private accommodations as opposed to hotels that are more suited to their budget. Foreigners are eager to invest their money in brick and mortar as the ROI has become attractive.
Overall, Mauritius is on the mends with some extremely positive forecasts, mainly its 80% growth in the next decade. Real estate has always been a safe and appealing investment option and this has never been so true. The time is now!
