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Future bright for Cape Verde property market

Monday, 22 October 2007 12:00 AM

Cape Verde, popular overseas property investment location, is set to become even more attractive for buyers as record levels of investment flood the islands.

Only a few years ago the islands were virtually unheard of, but now they occupy a position on the front rank of overseas investment locations.

Investment has increased each year since 2001 and according to a report from Cape V, property analysts specialising in the archipelago, it will reach £3.8 billion annually by 2011.

Money is likely to flow to the key sectors of construction, banking, tourism, finances and real estate, according to Cape V. It is thought the investment will improve investment opportunities in the country still further.

"However, despite the meteoric success of Cape Verde, they are still only at the beginning of their story," explained director of Cape V, Darren Mitchell.

"Desperate not to make the same mistakes as the Canary Islands, which have seen massive over development throughout the years, their approach has been more cautious and with continued tough building regulations in place, this is an Atlantic success story in the making."

Additional investment will only improve an already positive outlook for the islands.

"Cape Verde has already been compared to the Caribbean, partly because of its wealth of beautiful coastlines," continued Mr Mitchell.

"However Cape Verde has some distinct advantages over its Caribbean rivals; firstly its location, just five and a half hours from the UK which makes it comparatively easy and cheap to reach.

"Cape Verde is also an emerging market; therefore prices are very competitive compared to the vastly inflated Caribbean market."

Its weather is also a positive according to Cape V.

"If you add into the mix the distinctive climate, with sunshine all year round, no hurricane season, no humidity and the fact that there are no hospital jabs needed in order to holiday here, then one can see how Cape Verde has all the ingredients to rival the best holiday locations in the world," concluded Mr Mitchell.

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