"Resales have continued 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. Homes known as "Maisons" start at $ 900,000 and mansions start at $ 2.95 million. Facilities include a marina, a clubhouse with a gym, pools, a tennis court, and four secluded beaches.
Foreigners can also buy into high-end developments on Mahé such as Royal Palm Residences or Westview, where villa prices range from $ 5 million to $ 15 million.
In the case of leased properties, such as the Desroches villa, the seller is the owner of the lease. Buyers "prepay to lease the land and property for X years," said Mr. Green. "At the end of the term, the land and property will revert to the government unless a new lease is negotiated."
Land and homes for sale outside of the gated resorts are "for the domestic buyer," said Mr. Green. "It's more complicated for foreigners." Alternatively, "buyers set up a business in Seychelles and shop through it," he said. "It's easier. We have people who handle it."
Credit…Courtesy Sphere Estates
Who is buying in Seychelles?
Customers in Russia and the United Arab Emirates find purchasing in the same time zone desirable, Maurel said. Buyers also come from South Africa and Europe, which have a time difference of two to three hours.
Americans and Canadians are also among the buyers, Mr. Green said, while some from China "began to pay more attention". European buyers come from Great Britain, Belgium, Luxembourg, Switzerland, Germany and Scandinavia.