Cape Verde
Monday, 17 September 2007 1:31 PM
Over the past five years Cape Verde - 400km off the west coast of Africa - has come from nowhere to be regarded as one of the world's premier overseas property investment locations.
The fledgling tourist economy has been buoyed by intense media coverage, and the islands' picturesque beaches and rugged terrain are now regarded as a future tourist hotspot - perhaps as an alternative to the overcrowded Canary Islands.
The islands were voted the number one holiday destination in 2007 by holiday specialists Expedia.com, benefiting from time zone alignment with the UK, a vibrant mix of nationalities and their diverse international influences.
However, the property market is still in an embryonic form - with prices more akin to some of the more affordable eastern European economies than comparative property in the Caribbean - meaning now could be the time to make a long-term investment.
Domestic investment
Economic investment has been taking place to encourage the local tourism industry, with levels of inward investment increasing each year since 2001 and set to reach £3.8 billion annually by 2011, according to property specialists Cape V.
Money is flowing to key sectors - including banking, real estate, construction and tourism - to improve the infrastructure and facilities on the islands, providing further incentive to invest.
A new airport has recently opened, with more planned, and direct flights now link the islands with Europe and America - with charter journeys to the UK taking around five hours.
Cape Verde also enjoys year round sunshine and no hurricane season, as opposed to rival destinations in the Caribbean. There is also a tremendous variety to the islands' landscapes.
Island variety
Sal and Santiago are the most developed of the ten islands composing Cape Verde and have thus far been among the most popular investment destinations. The former is home to the resort of Santa Maria and is popular with surfers, while the latter is home to the islands' capital, Praia, and the country's commercial centre.
Sao Vicente is the cultural hub of the islands and home to an annual carnival, while Boa Vista has some of the most beautiful beaches.
The economy is presently growing at around 6.6 per cent annually, according to the World Bank, and local fiscal policy is also evolving to accommodate the islands' new found position as a property investment location.
"Investment property in Cape Verde is currently one of the best locations worldwide to buy property when looking for a good return on investment. 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 there will almost certainly increase drastically," said Property Investor News recently.
