SA sales continue in Seychelles

15 Dec 2009

Sales at the US$460 million Eden Island marina development in the Seychelles continue apace and Pam Golding Properties (PGP) National & International Projects division reports that such is the demand for these homes among South African buyers, Eden Island has increased its sales force in South Africa.

To date PGP has sold over 270 properties at Eden Island at a total value of over US$210 million and just under 50 percent of sales are to South African buyers, says Dr Andrew Golding, CE of the PGP group. He says in addition to the high appeal of this prime located luxury development, the strengthening of the rand to the dollar has further boosted local demand.

The bulk of these local sales are to Gauteng purchasers, followed by the Western Cape, KwaZulu-Natal and the Eastern Cape. Internationally buyers at Eden Island include those from France - another key target market for this development - then the UK, Seychelles and Mauritius, UAE, Russia, Italy, Spain, Portugal and even as far afield as Poland.

Comments Richard Epstein, project sales manager for PGP's National and International Projects division: "The reason this development is so popular among buyers from France is because Seychelles has always had a special place in the hearts of the French, who view it as a prime luxury destination - and one where property investment is sound both in terms of rentals for income as well regarding returns on the long term capital value. While clients also enjoy visiting Seychelles on holiday, they really buy into the investment opportunity offered at Eden Island."

As a result of the strong South African demand for homes on the island Faye Du Preez, sales manager for Eden Island based in Seychelles for the past two years, has relocated to Cape Town, South Africa to join forces with Epstein.

The developers recently released a further 18 apartments and 14 maisons (semi-detached duplex homes), priced from US$345 000 which include a mooring, electric buggy and major kitchen appliances, and sales of these have already been brisk. Up to six families per property can apply for residency of Seychelles.

Adds Epstein: "There is no doubt that the improved rand/dollar exchange rate, coupled with the SA Reserve Bank's increasing the offshore capital investment allowance for individuals from R2 million to R4 million has further stimulated demand for offshore property investments. As Seychelles is a Southern African Development Community member state there is no limit to the amount one can invest when purchasing a holiday home in Seychelles."