Property in Cape Verde
The islands of the Cape Verde archipelago are windy, hilly, dry - almost lunar - and fairly sleepy. But there's beauty in them thar parched hills. And some of the islands are actually lush. There's good diving and hiking, lively nightlife and plenty of quiet corners to hide away in.
Cidade Velha, once called Ribeira Grande, was the first town built by the Portuguese in Africa and is now a Unesco world heritage site. The best-preserved structures are the ruins of the old cathedral, constructed in 1693 during the city's heyday, and the Pillory in the park where enslaved captives were chained up and displayed.
Facts and Figures
Full Name: Republic of Cape Verde
Capital City: Praia
Area: 4,030 sq km 1,556 sq miles
Time Zone: GMT/UTC -1 ()
Languages: Portuguese (official)
Religion: Roman Catholic (infused with indigenous beliefs), Protestant
Currency: Escudo Caboverdiano (CVEsc)
Electricity: 220V 50HzHz
Dialing Code: 238
Cape Verde Real Estate - offers outstanding Investment Potential.
Cape Verde Property offers a potential investor an amazing opportunity to invest early in a truly virgin property investment market. Investors in Cape Verde real estate can purchase beautiful beach front property at prices simply unobtainable in most other locations. To the home-buyer or buyers looking for a holiday home, Cape Verde also called (Cabo Verde/Cape Verdi) offers the ability to purchase luxury property that may otherwise be beyond their financial means, to the property investor Cape Verde property is a prospect like no other.
Currently it is international property investors who are most excited about the possibilities that Cape Verde property offers. Not for a long time has there been such an exciting investment property opportunity. Cape Vede property development is currently in its very early stages but now is the perfect time to invest in property on the Cape Verde Islands with property prices at a low and the signs are very positive that this market will grow at an incredible rate creating a new international tourist destination and bringing property prices to a level that is to be expected of such a destination.
For a potential property investor, Cape Verde property offers the perfect opportunity to invest into a growing (emerging) property market very early when property prices are at a low. The Cape Verde Islands are an area of stunning natural beauty with beaches comparable to the Caribbean and offer an amazing all year round climate making the area ideal for beach holidays.
In time, as Cape Verde becomes more well known and the development continues as is planned providing a multitude of tourist facilities the area is sure to become a popular tourist location providing the Cape Verde property investor with a solid source of property rental clients for the "buy to let" investment model. At the same time the price of beach front property in Cape Verde will undoubtedly appreciate quickly as demand for property in this growing investment hotspot grows.
Cape Verde Property - Existing Tourism A Positive Sign For Investors
Property investors who invest in emerging markets are looking to find a balance between investing early, purchasing property at the lowest possible prices and minimizing risk. With Cape Verde as is the case with many of the Worlds emerging markets, investment strategies generally are to invest early and as the area becomes established and demand for property and rental accommodation increases be perfectly positioned to make substantial gains. With Cape Verde this is certainly the case and although it is still a very early stage of development on the Islands and property prices are still very competitive for the best locations, and with developers still looking to secure beach front land for further large scale development there are some very positive signs. For Islands with little infrastructure currently in place there are strong indications of the tourism boom to come shortly, this section is designed to give potential buyers a feel for the current status of tourism on the Islands before looking to purchase a Cape Verde property for investment.
Land for sale, Cape Verde - Plots Of Land For Development From Large Resorts To Single Villas
Land in Cape Verde is also an interesting proposition for investors. Currently price per meter/acre is highly competitive. However the price of each plot of land is set to dramatically increase as the various developments progress and the supporting infrastructure changes are implemented. It is recommended that people who are interested in investment in Cape Verde land to purchase as soon as possible as the increasing demand is starting to slowly elevate prices. We are in a position to offer land plots of varying sizes to both buyers looking to build their own villa’s and also to property developers looking to construct large resorts, we have access to beach front land on most Islands.
Cape Verde Real Estate Market Growth Indicators - the New Canary islands
There are many market growth indicators that suggest that the demand for Cape Verde property is set to rise.
Described as the "New Canary Islands" many experts have been predicting Cape Verde to be a major holiday destination for the UK and European markets. However with the inclusion of the Cape Verde Islands in the recent broadcast of BBC1's 'Holiday 2005' program the predictions are now beginning to become a certainty.
Already on the island of Sal is a large RIU all inclusive resort that is proving popular already with rooms fully booked for a considerable period, this is seen as a very positive sign of progress and a clear indication of things to come, especially with the supporting infrastructure complete.
Currently travel times to Cape Verde from London are approx 7 hours, as you have to travel via Lisbon, Portugal. However with the recent opening of the Cape Verde International Airport in Praia on the island of Santiago direct flights into Cape Verde from the UK are due to start from October 2006 and will take around 5.5 hours.
Due to the explosion of tourism across Cape Verde, there will be massive demand for Cape Verde property, this will be in the way of holiday homes, rental accommodation and in addition retirement real estate.
Please read here for further economic growth factors that will impact the Cape Verde property market.
Favorite Cape Verde Property Searches
Most searches for Cape Verde property are for the island of Sal which is home to the most active tourism at present. The capital island of Santiago is popular with visitors researching the Cape Verde islands. Other popular searches are for property opportunities on the islands of Maio and Boa Vista.
The Top Property Investment Location Of 2005/2006 - Cape Verde
Channel 4 recently featured Cape Verde investment property on "A Place In The Sun" and it was shown to be the top place for property investment.
The islands of Cape Verde or Cabo Verde offer property investors a wealth of reasons to invest. This page will look at why Property Investment in Cape Verde is growing incredibly quickly and also we will provide a visualization of potential capital appreciation in Cape Verde.
Cape Verde is based of the West coast of Africa. Compared to many European destinations property prices are very competitive currently in Cape Verde. Investment property in Cape Verde is becoming popular with investors as the potential of the islands becomes clear. It’s now looking certain that the Cape Verde islands will become a popular holiday destination offering excellent all year round weather and an alternative to the well traveled usual hotspots.
Cape Verde Investment Strategy
The Cape Verde investment strategy is simple. Purchasing a quality property in an excellent location at this moment in time when the islands are starting to develop into the huge tourist destination that has been predicted by so many experts.
Cape Verde investments offer very low price property at the beginning of a boom. Imagine buying a frontline beach apartment or villa in a popular established holiday destination like the Canary Islands 25 years ago before it was known to most.
The land and property prices would cost a fraction of what they do today. This is exactly what Cape Verde is offering. With a new international airport recently opened and UK direct scheduled flights from 2006 now is the time to invest in Cape Verde property.
Reasons Why Cape Verde Is An Intelligent Investment:
Investment Property Cape Verde - Natural
* All year round excellent weather
* Uk closest Tropical islands
* Beautiful beaches, exotic tropical plantations and breathtaking mountains
* Very low cost living offering affordable holidays
* Flight times only 5.5 hrs from UK with little jet lag as it
Investment Property Cape Verde - Economic
* Early stage of development in Cape Verde, ideal time to invest
* Huge tourism growth potential
* New International Airport and Cape Verde airlines to start direct flights
* Very strong public and private investment
* Currently being re-classified as a "middle-income" country due to foreign
Investment in infrastructure and tourism
* Strong possibility of inclusion in the European Union
* Excellent property prices, Cape Verde beach apartments from €47,000
* Exchange rate value of local currency is fixed to the Euro
* A multi-party very stable democracy, supportive of foreign direct investment
* Over 70% increase in property value over 24 months expected
* Guaranteed rental schemes in place for up to 3 years
Don’t Take Our Word For It
Below are some extracts from the "Property Investor News" showing property investment in Cape Verde is gaining popularity.
Investment property in Cape Verde is currently one of the best locations worldwide to purchase property when looking for a good ROI. With the information above it’s clear to see the potential of these islands and as soon as Cape Verde becomes a mainstream holiday destination the price of property here will almost certainly increase drastically.
Santiago island, which is situated in the Cape Verde Islands, just south of the Canaries is set to become the world's new luxury tourism destination.
With its all year round warmth and sunshine, the exotic Cape Verde Islands, is set to rival the Canaries tourism trade, thanks to the new international airport of Praia, which will begin operating direct flights from Europe in March. Flight times from London, Paris or Amsterdam, for instance will only be 5.5 hours.
"The opening of the new airport puts Santiago on course not only to become a popular tourist hub, but also to offer imaginative British property investors an excellent financial return, and a high-quality environment for their personal enjoyment", says Johnathan Grepne, Managing Director of a Cape Verde based development company."
Capitalize On The Potential Of Europe’s First Africa Based Holiday Destination
If you are interested in investing in Cape Verde we suggest you operate quickly as some of the best priced developments are now 50% sold and as more and more people become aware of the potential for property investment in Cape Verde the prices will begin to rise.
The real beauty of a Cape Verde investment now is that its such a new location with un-rivaled potential.
Cape Verde - Foreign Investment Policy
Cape Verde welcomes private foreign investment as a way to create a sustainable growing economy through job creation and capital investment and thereafter the collection of tax revenues.
Legislation to entice external private investment into Cape Verde was introduced in 1989. The 'Lei de Investimento Externo' ('External Investment Law') introduced in 1993 broadened and enhanced the existing legislation to attract private foreign investment by non-Cape Verdean nationals and includes a 5-year initial tax holiday and a subsequent tax reduction by 50% on corporate tax (currently 30%) for the following 10 years.
These incentives can be extended indefinitely, so long as adequate re-investment is made. Regarding tourism investment, an exemption is granted on import duties for materials necessary for construction and installation of projects. All net revenues are guaranteed transference out of Cape Verde in full and foreign currency bank accounts are available.
Any dispute between the Government and foreign investors can be decided upon by a sole-arbitrator appointed by the 'Center for the Settlement of Investment Disputes' in Washington DC. Private foreign investors are entitled to residency in Cape Verde if they employ more than 13 nationals or invest more than approximately 35,000 Euros. "CABOVERDE INVESTIMENTOS" (which recently replaced Promex - the 'Center for the Promotion of Tourism, Investment and Exports') is a government agency that is officially the front desk for potential investors; the agency also approves projects and arranges further approval needed from the Government.
Cape Verde - National Development Plan
The government is implementing a whole series of programmes through its National Development Plan (NDP - 2001-2005) supported by Cape Verde's international donors to improve the infrastructures fundamental to the development of the archipelago into a quality tourism destination. Programmes under the NDP in areas such as transportation (air, maritime, inter-island and road transportation), communication, banking, health provision, electricity, water and sanitation provision and professional training are included under the NDP. A healthy tourism industry is seen as the main area for development, targeted by the government in its strategy for sustainable economic development.
Cape Verde - Tourism and Air Infrastructure
The new airport in Praia on Santiago island (operational July 2005) subject to official approval after safety checks by the CAA, will open a vital second international gateway to the Cape Verde islands from Europe and allow common aircraft such as the Airbus A310, A320, A319 and Boeing 767, 737 and 757. It’s the opening of this airport that is seen as the dawn of the bright future in tourism for the Cape Verde Islands and in turn boost ROI prospects for early property investors on the islands.
The Cape Verde national Airline TACV will operate routes from the UK (November 2006) and from Lisbon and Paris as soon as the airport is open. A further boost to investors is that there is an "Open Skies" policy allowing other airlines to fly to Cape Verde and forcing lower air fares through competition.
Its essential also that demand for the Cape Verde islands is created with through high class accommodation being offered and there are plans for a 150 room 5-star hotel in the centre of Praia and also a 135 room commercial hotel. Also existing hotels are upgrading and expanding to meet the demand the new air infrastructure will bring to the Islands.