Luxury Outlook 2023
An ambitious exploration into high-end residential markets across the globe.
Take a look at a destination with a thriving luxury rental market and hear directly from Timo Geldenhuys of Mauritius Sotheby’s International Realty, about why this popular destination for tourists may be the destination for your next rental investment.
Sotheby’s International Realty (SIR): What sets rental properties in your country apart from the rest of the world?
Timo Geldenhuys, Mauritius Sotheby’s International Realty (TG): Being an open economy with an international financial center, Mauritius attracts not only property investors and retirees but also professional expats. Our up-market rental products are easily rented to expat communities, as if there are a few restrictions on foreign property ownership, foreigners can rent a property anywhere around the island, including beachfront properties or golf properties.
SIR: What trends are you seeing in your rental market?
TG: The rental market is booming at the moment. As we have a massive shortage of stock, the demand far exceeds the supply for high-end market rentals. As a result, rental prices have gone up considerably.
It is to be noted that the Premium Visa launched by the Mauritian government in November 2020, generated 3640 applications, with 27% of French, 15% South Africans, and 8% British, followed by Russians, Indians, Germans, and Americans. So, in Mauritius, you have the option of renting on a short-term or on a long-term basis, and Mauritius Sotheby’s International Realty stands ready to advise on any query.
SIR: How does the rental market drive business for your company?
TG: Due to Mauritius being a remote destination, many people decide to rent first before acquiring property, to test-drive the Mauritian destination. On our side, by fostering a good relationship with our rental clients, eventually when they decide to buy they come to us directly. So there is the rental business, but rentals also offer sales opportunities.
SIR: Any interesting or success stories about rental homes we can share?
ANG: In Mauritius, the average monthly rental price can go up to around EUR€4 400, and we recently closed a rental deal of EUR€10 000 monthly. Proof, if need be, that our top-notch properties, for rentals or sales, attract the HNWI around the world.