Cape Verde &Investing in the Cape Verde Islands 02 Jul 2007 04:18 am
Cabo Verde Property
As Cape Verde’s economy and tourist industry continues to grow, more and more developers and foreign investors are setting up here. With potential huge returns on investment, Cape Verde Property is big news.
According to the online newspaper, Business in Africa, “Cabo Verde was found to be the top new holiday destination for the UK tourist market”.
Cape Verde’s emerging real estate market is set to expand at a phenomenal rate. The three most popular islands are Sal, Santiago and Boa Vista.
Background – Cape Verde (Cabo Verde)
The Cape Verde islands are a group of ten idyllic tropical islands located off the west coast of Senegal (Africa), just one hour south of Spain’s Canary Islands.
They’re known for their lush green vegetation, spectacular mountain peaks and beautiful deserted beaches. These paradise islands offer an opportunity like no other to cut yourself off from the rest of the world.
Cape Verde has a warm, dry climate, with average annual temperatures that range from 68 °F (20 °C) to 77 °F (25 °C). It has the lowest temperatures of any West African country.
The official language of Cape Verde is Portuguese. But most Cape Verdeans speak the national language, Crioulo. Crioulo is a local dialect based on Portuguese and various African languages.
With a perfect year round warm climate (3 degrees warmer than the Canaries), excellent beaches and a stable economy, the Cape Verde Islands are well on their way to becoming the “new Canary Islands”.
Cape Verde’s emerging property Market
Up until recently, the islands have mainly attracted business investment from the UK and Ireland. Now, investors are coming from as far away as China.
According to local newspaper (A Semana) Chinese businessman David Chow intends to “invest potentially hundreds of millions of US dollars in the islands’ tourism industry”.
The surge in interest from the bigger players has had a positive influence on the many small investors, looking to buy property here.
Homebuyers, estate agents, investors and developers are now coming to realise the huge potential of Cabo Verde’s real estate market.
Why investors are choosing Cape Verde?
Cape Verde offers some very profitable investment opportunities. Compared to Spain and the Canary Islands, properties are still relatively cheap. Over the next few years, properties are expected to increase in value dramatically as the islands become more popular.
As Spain and the Canary Islands have become more and more saturated, investors have looking further south. With property still so cheap now is one of the best times to buy.