Property prices in the Seychelles have almost doubled in recent years, according to new figures.
The 11-island archipelago has always been a popular destination for tourists, with visitor arrivals up 1 per cent year-on-year in 2014 to 232,667 people. Even with a drop-off in visitors from Europe, a rise in visitors from emerging market s such as China helped to offset the dip and record overall growth. Indeed, tourism now accunts for around 70 per cent of the country’s revenues and contributes around a quarter of GDP.
The Seychelle’s property market, though, is enjoying equal success, according to Global Property Guide . Between 2006 and 2014, prices of one-bed apartments at the Eden Island resort have surged by just over 72 per cent to an average of SCR6.17 million (US$475,000), with two-bed apartment prices up 58 per cent to SCR8.76 million (US$675,000). Villa prices, meanwhile, almost doubled to SCR45.43 million (US$3.5 million).
“Over the years, investment in residential property in Eden Island has proven lucrative, with capital values appreciating significantly,” commented Chris Immelman of Pam Golding Properties’ (PGP) International.
“This represents an average eight to 10 per cent year-on-year increase in property values. Over and above this, a rental division provides an option to achieve very good rental yields, with a strong demand among holidaymakers, particularly from France, Germany, Italy and South Africa.