Cape Verde & Investing in the Cape Verde Islands & Latest News 31 Oct 2007 03:41 am
Cape Verde – Europe’s Closest Tropical Destination
When the investors and architects first arrived they had to convince the Cape Verdean government of the islands’ potential. One minister is reported to have said, “Why would they want to come here? All we have is sun and beaches”.
But this is exactly what sun-staved Europeans want – sun and beaches!
Once convinced, the government opened up their arms to European investors who helped transform the islands from a dusty windswept paradise into one of this year’s most promising and popular investment locations. Things have never looked better for Cape Verde.
The islands offer a lot more than just your typical fun-in-the-sun holiday destinations like the Costa del Sol or Greece. Cape Verde is distinctly African; bustling and colourful – full of exotic charm and intrigue.
The Cape Verde Islands
Cape Verde is an African country and former Portuguese colony located off the west coast of Senegal in the Atlantic Ocean. It’s made of ten tropical islands – home to some spectacular volcanic peaks, lush green vegetation and endless white sandy beaches.
It has a perfect year round climate, just slightly warmer and more consistent than the Canary Islands – their neighbours to the north.
The inhabitants are a mixture of African, Portuguese and Brazilian. Although Portuguese is the official language, most Cape Verdeans speak a local dialect known as Crioulo. Roman Catholicism is the predominant religion throughout the archipelago.
Cape Verde is often been described as “Barbados without the jetlag” by the estate agents and developers. And true enough; this is one of its biggest attractions. It’s just five-and-a-half hours (direct) from the UK. To fly to the Caribbean from the UK – you’re talking at least 12 hours.
Just within the last year, a new route has opened up from Gatwick and Manchester to Cape Verde. Astraeus Airlines fly direct once a week.
Why choose Cape Verde
Cape Verde is widely regarded as this year’s most lucrative emerging markets. Investors who buy in now will still be getting in early enough to reap the benefits of the sharp increase in property values which are literally guaranteed.
Both the local government and foreign developers are pumping money into Cape Verde’s infrastructure, boosting its already expanding tourist industry.
Cape Verde is politically stable with a very promising economic outlook. It’s technologically advanced and relatively crime free.
It’s been described as a “tropical paradise right on your doorstep”. Cape Verde’s close proximity to the UK (5 ½ hours) is one of its major attractions and selling points.
The climate is also a major factor. It remains hot, sunny and bright all year long in Cape Verde – perfect beach weather even in the in the middle of winter. Cape Verde’s climate is slightly hotter that the Canarian climate. With year round sunshine, Cape Verde is perfect for sun-worshipers and buy-to-let investors.
Investing in Paradise
It seems that everyone wants a piece of Cape Verde and after a price increase of 18% last year; they want it as soon as possible!
Things certainly have changed. In the beginning, it was mainly the big developers that wanted a piece of the action, often buying properties in bulk – sometimes 10 or more. Now, it’s just as likely to be a family looking to buy a holiday home where they can spend a couple of weeks in the winter and then rent out the rest of the year.
As of yet though, there doesn’t appear to be a big demand for permanent residency on the islands – not like the south of Spain or the Canary and Balearic Islands. This will no doubt change.
On Cape Verde, most of the new developments are still under construction; few are finished. Prices are still cheap. For an apartment, £30,000 is the roughly around the starting price. A six-bedroom villa with six bathrooms and a swimming pool can cost less than £350,000.
The Future of Cape Verde
Many people are wondering if Cape Verde will turn into a new version of the Canary Islands – with widespread mass tourism and endless development.
The scale and speed of development is already phenomenal, suggesting this to be inevitable.
It’s true, they’re getting busier and busier but for the moment, Cape Verde remains unspoilt, completely natural and bursting with indigenous local culture and charm.