Further good news for Cape Verde property investment

Wednesday, 21 November 2007 12:00 AM

Investors are being urged to look toward the UK's closest tropical islands, Cape Verde, in order to secure highly profitable long-term overseas property opportunities.

The islands are a five-and-a-half hour flight away from the UK and have emerged as a leading tourist destination in the past five years.

As a result, the country is now becoming increasingly attractive to investors, according to experts Sambala.

While the IMF predicted economic growth of 6.5 per cent for the region during 2007 it actually reached levels of 10.8 per cent, and with £1.5 billion of private investment scheduled for the next five years there is further potential for expansion.

The World Bank also cites Cape Verde as one of the best governed countries in Africa; allowing free competition with an ability to control inflation and high employment.

Cape Verde also offers tax exemption grants for five years to international investors and the currency is tied to the Euro, offering financial stability.

Perhaps most importantly, property prices on the islands have increased by 15 per cent in the past year, with further growth of 75 per cent expected over the next five years.

Tourist numbers on the island also increased by 25 per cent during 2006 and Cape Verde was voted as the best international destination for tourists by experts Expedia.com in 2007.

Finally, the tropical climate provides a further draw.

Cape Verde basks in over 300 days of sunshine annually, with the average temperature hovering at around 24 degrees all year round.

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