Cape Verde Property

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Cape Verde is one of today’s most rapidly emerging property markets. A few years ago it was completely unheard of. Nobody even new where this small Atlantic archipelago was on the atlas – now it’s one of the hottest hot spots on any investors map.

It’s attracting developers, investors and homebuyers from all across the globe – from Ireland in particular.

The Cape Verde Islands
Located off the west coast of Africa, Cape Verde shares a relatively similar geographical position to the Emerald Isle – the middle of the Atlantic Ocean, at the very edge of the continent. Maybe this is part of the appeal for the Irish.

The Cape Verde archipelago is made up of ten main islands and five islets. The main islands are Santiago (the largest island), Santo Antao (the second largest), Boa Vista, Fogo, Sao Nicolau, Maio, Sao Vicente, Sal, Brava, and Santa Luzia – which is an uninhabited nature reserve.

Cape Verde gained independence from Portugal in 1975 and has been a pluralist democracy since 1990. Around half of the country’s population is located on Santiago (Sao Tiago) home to Cape Verde’s administrative capital – Praia.

Cape Verde is known for it’s stunning beaches, crystal clear waters, dramatic volcanic landscapes and year round sunshine. As well as an excellent year round climate and amazing beaches, each of the Cape Verde Islands has its own individual attractions.

So far, most of the new developments can be found on the islands of Santiago, Boa Vista and Sal. Sao Nicolau, Maio and Sao Vicente look likely to be next.

Investing in Cape Verde
Cape Verde is essentially a virgin new-build property market – ideal for pure investors. It offers exceptional value for money when compared to older more established tourist destinations, like Spain, France, Greece etc.

Over the past four years, tourism has risen by 25%. Dominic McGlynn of Sambala Developments states “The government transparently acknowledges that the islands’ future lies in tourism and is committed towards the provision of infrastructure to ensure that annual tourism figures double to over 500,000 by 2015”.

Buy-to-let Investments on Cape Verde
These can be a very lucrative option. Tourism drives the rental market, which benefits from the year-round sunshine; meaning promising rental yields all year long.

In Cape Verde you can maximise on rental yields. The promise of good rental yields is a key factor for investors. It assures them of Cape Verde’s solidity as a profitable investment location. With a year round holiday season, investors can rest assured that their property will rarely be left empty.

Property Appreciation
The other key to investment security – property appreciation (your house going up in value).

The Cape Verdean government plan to limit the construction of new developments on the islands so that they won’t become overdeveloped like some markets are experiencing at the moment.

They intend to “permit only low-rise development and to promote eco-tourism and its own lively Creole culture”, according to Maria Rosario de Luz, the adviser to Cape Verde’s minister for economic growth.

With such a high demand for properties and such a small supply, investors can benefit greatly from basic economic principles – demand exceeding supply.

The Irish
So far, most of the investors and homebuyers have been the Irish, who nowadays can be found in any lucrative emerging market. Although still quite inaccessible, the islands seem have great appeal.

The British too, have long been interested in Cape Verde and more recently, Germans and other investors from the Nordic regions have taken note.

Along with the Irish, there’s a growing mass of other Northern Europeans piling into Cape Verde. For people who have already purchased this is very reassuring. For anyone who’s considering investing this would suggest that now’s the best time to do so.

Conclusion
The positive indicators are there. Although not as easily accessible as Spain, the Mediterranean or Eastern Europe, Cape Verde has a lot going for it – the sun, beaches, good value property, low cost of living, high standard of life, cheap labour, excellent rental potential and a very relaxed pace of life.

Whether it’s for lifestyle or investment purposes, this tiny windswept archipelago in the middle of nowhere looks set to be attracting Irish buyers for a long time to come.

According to MacauHub, in 2006 Cape Verde’s economy grew by a staggering 10.8% – the highest rate in almost a decade. These figures have come as quite a shock – well more of a welcome surprise. The government had only expected an economic growth of between 6 and 7%.

Culture and Charm
Cape Verde is distinctly unique from the mainland. It has a culture and charm all of its own.

Unlike most of the countries in West Africa, where they mainly practice Islam and Animism (the belief that souls inhabit all or most objects), the majority of Cape Verdeans are Catholic Mestizos. Their attitude and outlook on life is often more European than African.

Located around 400 miles off the west coast of Senegal, this small archipelago has a landscape, climate, language and culture all of its own – it’s like nowhere else in Africa.

In the north they speak Crioulo and on the southern islands Krioulo. Both dialects are based on colonial-era Portuguese and often incorporate some English and West African words.

Each individual island varies dramatically from the other; with ferocious volcanic landscapes, bubbling with sulphur and fire, flat arid deserts and lush green forests.

Cape Verde is often referred to as the “Canary Islands without the cement mixers”. Many fear that it’s only a matter of time before overdevelopment, concrete jungles and Karaoke bars take over. Whether or not they will is hard to say.

Cape Verde is a fascinating country. It’s completely unique and almost impossible to categorize; a European -African – third world – emerging market – desert-like – volcanic – lush green country in the middle of nowhere! Intriguing yet bewildering, this is all part of its charm.

Cape Verde Versus UK
The opportunities to create wealth by investing in property are “much more extensive overseas than they are in the UK”, according to Paul Collins, overseas property editor of the BuyAssociation website.

High capital growth rates mean high returns on your purchase. In Cape Verde, You can make more money both through property appreciation and rental yields – by your property going up in value and/or buy renting it out.

Cape Verde’s economy and property market are developing at a much quicker pace than the UK, giving investors the opportunity to pocket capital and rental returns in a shorter period of time.

Property for Sale in Cape Verde
Here are a few examples of prices on Cape Verde…

Studio Apartment Property for sale in Santa Maria, Cape Verde
Type: Studio
Sale Type: Off Plan
Price: £ 45,449

Studio apartment property, Salinas Sand, Sal, Cape Verde
Type: Apartment/Condo
Sale Type: Off Plan
Price: £ 46,413
Local price: Esc 7,557,243

Studio Apartment Property on Sal Island, Cape Verde
Type: Studio
Sale Type: Off Plan
Price: £ 47,894

The future of Cape Verde
Labeled everything from the “new Canary Islands” to Barbados without the jetlag”, Cape Verde is this year’s most hyped-up locations.

The locals must be terribly confused. Once an impoverished third world country, then all of a sudden one of the most talked about investment locations south of the Canaries.

Crime levels have gone up, albeit minimally, from non-existent to low. There are concerns about the darker side which mass tourism often brings.

Overall though, most agree that the positive far outweighs the negative and that the impact of (perhaps) mass tourism on this poor nation will be ultimately be beneficial with increased employment, a thriving economy and a better standard of living.

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.

“On Monday, March 26, US Congressman Barney Frank hosted a delegation from MCA Cape Verde which presented to Congress the progress to date on its MCA compact.” Click here for the full story.

Cape Verde Islands – a “Tropical Paradise”
Not only are the Cape Verde Islands regarded as the hottest holiday hot spot for 2007, they’re also set to become one of the most lucrative investment areas this year. Every year there are more and more property developments springing up as investment opportunities soar.

These paradise islands are located in the crystal clear blue waters of the Atlantic Ocean around 300 miles off the west coast of Africa. They’ re one of the closest tropical climes to the UK. You don’t need to go all the way to the Caribbean anymore. With temperatures between 22-27 degrees all year round the Cape Verde Islands are a fantastic alternative!

Getting here is has never been easier. You can now fly through various European airports (Paris, Lisbon, Amsterdam, and Las Palmas and Gran Canaria) or direct from the UK (London Gatwick and Birmingham). It takes between five and six hours from the UK.

Sal (the “Salt” island) is one of the most popular investment areas on the archipelago at the moment. Home to an International Airport, Sal is an ideal base for island hopping.

It’s an island famous for its stunning white sand beaches and guaranteed sun, all year long. Sal’s international airport is one of the major gateways to the Cape Verde islands.

Investing in Cape Verde (What does is have to offer?) http://www.capeverde4sale.com/latest-news.asp

Apart from lucrative investment opportunities, you’ll also get excellent financial incentives (if you obtain resident status) and certain privelidges including, exemption from some taxes/fees when importing personal effects and purchasing property.

The islands are breathtaking. They’re a nature lover’s paradise, with endless white sandy beaches, colourful rhododendrons, huge fire trees and corn plants growing beneath endless clear blue skies. In the surrounding waters, dolphins, whales and turtles swim with the coral in pristine turquoise harmony.

The Cape Verde archipelago consists of ten small islands. They became independent from Portugal in 1975 and the ofiicicial language is Portuguese. The capital of the the country is Praia, located on the Island of Santiago.

Investing in Sal Island (Cape Verde)
Sal is just 30km long and 12km wide. If you choose a property here you’ll never be far from a glistening white sandy beach or crystal clear blue waters.

Santa Maria is one of the island’s most well developed tourist resort with established hotels, bars and restaurants. This southern coastal town is an ideal location if you’re looking for a shrewd investment opportunity. It’s just 25 minutes from the airport.

Investing in Santiago Island (Cape Verde)
With it’s new international airport now open, Santiago (the largest of the Leeward Islands) is an attractive investment option. More and more developments are being built on Santiago every year.

Santiago (Portuguese for “Saint James”) is home to the capital of Praia; a bustling, noisy, crowded and distinctly African town.

This tropical paradise, with its lush forests and beautiful beaches, has outstanding investment potential. Buying property here, be it a villa, apartment, off-plan or new development, is set to be a very profitable investment, especially if you get in before foreign investors push up the property prices.

Investing in Boavista Island (Cape Verde)
Boa Vista is the closest island to the African mainland. It’s a quiet, peaceful island with a flat landscape and over 50kms of white sandy beaches. It’s a haven for nature lovers and watersports fans, windsurfers in particular. Boavista is thought to have the fourth largest turtle population in the world.

Tourism is a relatively new development on Boa Vista, so expect many off-plan opportunities as the demand for property increases and more villas and apartments are built.