Seychelles Real Estate Market: Pros and Cons
Acquisition of real estate in exotic places is increasingly characteristic not only of wealthy people, but also for those who previously considered the issue of buying housing in Europe, then switched to the colorful Asia in the person of Thailand, Vietnam and other popular destinations, and then opted for Indian Ocean and Seychelles.
Seychelles is primarily notable for the fact that there are many of them – more than a hundred objects, although only 33 of them are inhabited so far. And this is undoubtedly an advantage – the real estate market and infrastructure have room to grow, while there is even the opportunity to prove oneself especially active and talented.
This is evidenced by the sensational story in the world media of an Englishman who bought a tiny uninhabited island in the Seychelles for $ 13,000 and moved there forever, leaving his job and all his past life in his homeland. For almost 40 years, the enterprising Robinson Crusoe has planted hundreds of trees with his own hands, landscaping more than one kilometer of paths, and also revived the rich world of local fauna – as a result, the prince of Saudi Arabia offered the Englishman $ 50 million for the island and was refused, which said that the national the park is not for sale.
Of course, not everyone can create their own version of paradise on earth, but the fact that most of the islands that make up the Seychelles are not only inhabited, but also landscaped at the highest level helps here – this segment relies on the local market real estate. At the same time, the cost per square meter of premium real estate housing in 2019 remained at the same level as last year.
The average price of residential real estate in the Seychelles is now in the range of 3000-4500 dollars per sq.m. Now there are several unique projects approved by the government, where foreign buyers can purchase real estate on special conditions, that is, very quickly, and this is an important characteristic for Seychelles: if a foreigner acquires a land plot outside these investment projects, the purchase process can take about one year .
Investment market and construction
Today, in the Seychelles, housing is being erected by a number of fairly well-known Indian contractors (their services cost about $ 1,000 per square meter), which, although they carry out their work at a fairly high level, however, regular adjustment of all processes is still required. Therefore, experienced developers of the local market advise everyone who wants to dive deep into the local housing market to stay in the country as long as possible to control all levels of work, so that in the future they can guarantee the quality of construction or have a reliable local partner.
As for the more creative way – for example, when there is a desire to create an investment project – then in the Seychelles it is necessary to obtain its approval. It is for such needs that the Seychelles Investment Bureau was created here, the main task of which is to assist in investment and commercial projects related, including with real estate.
Who is buying?
When analyzing many investment projects, among which there is a demand for foreign investors, there is an increase in the number of South African buyers (this is more likely due to geographical factors) who buy local real estate as their main home, that is, for personal use, as well as a holiday home, including as an investment. Also among the buyers there were many investors from Eastern Europe, in particular from the Czech Republic.
Experts note a decrease in demand in recent years, however, work to promote the Seychelles as a vacation destination and investment continues and positively affects the attractiveness of this region for foreign buyers. At the moment, the share of Russians is approximately 4-5% among foreign buyers of real estate in the Seychelles.
Seychelles is far from the most accessible among tropical and other places with round-the-clock sun, therefore, to achieve the required level of comfort in these parts, an impressive budget of $ 350,000 or more is required.
Pros of buying real estate in the Seychelles
The advantages in acquiring local square meters are primarily the wonderful climate, which is observed all year round. No tropical storms or cyclones threaten islands that also have no dangerous species of animals or insects. This is a very important factor, since many interesting places around the world for potential property buyers are excluded due to the presence of fauna that can frighten and threaten the health of those who are not used to such a specific environment from birth.