“Resale has also been going on in recent years,” said Mr. Gradner, some to investors and others for personal use. Prices start at $400,000 for a one-bedroom apartment, $550,000 for a two-bedroom apartment and $700,000 for a three-bedroom apartment. Houses, known as “maisons,” start at $900,000 and villas start at $2.95 million. Amenities include a marina, clubhouse with gym, swimming pools, tennis court and four secluded beaches.
Foreigners can also buy in high-end developments on Mahé, such as Royal Palm Residences or Westview, where prices range from $5 million to $15 million for a villa.
For long lease properties, such as the Desroches Villa, the seller owns the lease. Buyers “pay upfront to lease the land and property for X years,” Mr Green said. “At the end of the term, the land and property will go back to the government unless a new lease is negotiated.”
Plots and houses for sale outside the gated resorts are “for the domestic buyer,” said Mr. green. “For foreigners, it’s more complicated.” Alternatively, “buyers set up a business in Seychelles and buy through it,” he said. “It’s easier. We have people for that.”
Who buys in the Seychelles
Customers from Russia and the United Arab Emirates find it desirable to buy in the same time zone, Mr Maurel said. Buyers also come from South Africa and Europe, which have a two to three hour time difference.
Americans and Canadians are also among the buyers, Mr Green said, with some from China “starting to pay more attention.” European buyers come from Great Britain, Belgium, Luxembourg, Switzerland, Germany and Scandinavia.