For many years, sociologists, economists and demographers have been studying a worldwide phenomenon, the ageing population. Statistics Mauritius forecasts that 25% of the Mauritian population will be over 60 years by 2055; the “baby-boomers” generation is reaching retirement, life-expectancy is increasing and the birth-rate is decreasing.
Respond to a new market demand
Commonly referred to as the seniors, these people have evolving needs which impact on their lifestyles: consumption, family relationships and housing. These seniors are not akin in nature to the past generations, with higher income and having accumulated capital during their working life, they want to keep their independence, without being completely alone, and to enjoy their “post-active” life to the fullest. Hence, they are now turning towards senior living residences since these residences cater for their diverse needs: autonomy, security, socialization and above all ease the daily routines.
What are senior living residences?
These residences comprise individual and private homes with communal areas at the heart of dedicated developments offering various services. These past years, Mauritius has seen an increase in the demand for this type of housing.
These residences offer, in most cases:
Many dream of moving abroad or relocating for a peaceful retirement. The choice of the destination is usually based on several factors such as a soft and sunny climate all year round; close to the beach, sea, parks, golf courses; low crime rate… Fitting the bill, Mauritius positions itself as a destination of choice on the international scene for a retirement under the sun.
Aware of this demand, the Mauritian authorities now offer 2 options to non-citizen retirees wishing to live in Mauritius beyond the term prescribed on the tourist visa (three months, only renewable once). The first option is to file an application for a retired non-citizen permit with the Economic Development Board (EDB, the government institution responsible for granting visas to foreigners) and to guarantee a minimum annual transfer of $18,000. The second option is to acquire a real estate property valued at more than $500,000 which grants permanent resident status on request. In addition, this investment is a good way to mix business with pleasure as it enables the property owner to benefit from the favorable tax system of the country.
With a growing senior population and the number of senior living residences still low in Mauritius, an investment in this type of property proves to be profitable and seduces many investors. In addition, if the project is located in a sought-after region which is rapidly growing, it appears as a safe investment and the owner can expect interesting rental returns and/or enjoy substantial capital gains from the sale.
In line with its philosophy of inclusion, the Cap Tamarin Smart City offers an ideal environment for the implementation of this type of residence: immediate proximity to retail shops, medical facilities and transport, close to nature, infrastructures promoting soft mobility… At the heart of Cap Tamarin Smart & Happy Village, Freedom Hill Senior Residence Living will soon become a reality. An opportunity to be seized right now.
Freedom Hill Senior Residence will comprise 63 apartments ranging from 55 to 87m2 accessible both to local and foreign buyers. Everything has been designed to easy daily life, provide comfort and security, and ensure the well-being of the future residents: transverse ventilation, wide doors to facilitate access for wheelchair users, Italian showers, heated pool, solarium, multipurpose room and a variety of services of hotel standards, à la carte. For more information, the Cap Tamarin Sales Team is available. Cap Tamarin sales team remains available for more information.