Santiago Island identified as property hotspot

Santiago Island in Cape Verde has been identified as a possible future overseas property investment hotspot.

The island is the closest tropical island to Europe, and with regular, low-cost flights from the UK recently launched, Santiago is set to become a top investment destination.

According to findings from Sambala, a property development organisation on the island, prices on the island have risen 15 per cent in the last twelve months.

And with the islands growing reputation as a tourist destination, prices are expected to rise by 75 per cent over the coming five years.

"Until recently, Santiago Island was beyond the reach of holiday makers and property investors," commented Dominic McGlynn, vice chairman of Sambala.

"However, with significant investment and the introduction of direct flights, the island’s true potential as a mainstream holiday destination is about to be realised.

"The island’s mountainous area offers superb hiking and abseiling with volcanic peaks to explore, breathtaking views to enjoy and the coral reefs, teeming with tropical fish, offer some of the best diving in Cape Verde."

The island is the largest in the Cape Verde archipelago and lies 450km off the west coast of Africa in the Atlantic Ocean.

Santiago Island was also ranked as the top tourist hotspot of 2007 by holiday website Expedia.co.uk.

Investment in the island's infrastructure has also proved to be a boon for property buyers, with the island's administration recently committing to build two international airports, along with roads, hospitals and schools.

All these factors combined are expected to result in a 300 per cent increase in tourist numbers to the island by 2015.

"As the island lies due south of the UK, visitors can travel there within five and half hours from London, with the added bonus of not suffering from jet lag," concluded Mr McGlynn.