property in cape verde an overview
News Posted On: 23 April 2009
If you are a nature lover and eager to invest in property in one of the most scenic places on Earth then Cape Verde is a little known, but most worthy destination. An archipelago of 18 islands lying some 400 miles off the west coast of Africa (and Africa’s most westerly point), and discovered by the Portuguese discovered in the 15th Century.
Situated in the Atlantic Ocean, Cape Verde comprises of 10 volcanic islands and five islets in two groups - the Balavento (Windwards) and the Sotavento (Leewards). The Cape Verde Islands have a rich cultural history and are known for their turquoise seas, sandy beaches and warm climate prompting the tourism-related activities throughout the year.
What Makes Cape Verde a Hot Investment Destination?
The picturesque background of the islands makes Cape Verde one of the best scenic spots in the world. The spectacular mountain scenery and beautiful deserted beaches have a unique charm that spellbinds every visitor to the islands.
Every island of Cape Verde has some distinct feature, which makes the place a destination of choice among global property investors. Santiago is known for its lively lifestyle and a chic culture, while Sao Nicolau has a volcanic past. Boa Vista is heaven for divers - enjoy the corals off the shore, while Sal Island is famous for salty and sandy beaches.
Sao Vicente is is better known for its exuberant Carnival, while the Baia das Gatas Festival is a more traditional affair here that still has people boogie-ing until the early hours to the rhythmic beats of local music.
If you have to point out a single most convincing factor for the real estate interest of Europeans, especially the British, in Cape Verde, it’s the vibrant Caribbean lifestyle that is so close to home. A blend of Portuguese and African cultures in every walk of Cape-Verdenian lifestyle is what makes this place the new Canary Islands.
Among many adventure activities that tourists can look forward to in Cape Verde, the water sports, such as windsurfing, diving (with shipwrecks dating back to the 16th century) and sailing, are the most sought after.
Since the economic condition of the Cape Verde Islands is heavily dependent on tourism, the government of the day is aggressively promoting and selling Brand Cape Verde to lure the foreign investors.
The Cape Verde Islands boast of a unique nightlife with several nightclubs on Santiago, Sal, Sao Vicente and Fogo. Many hotels also provide evening entertainment, while most villages have a lively taverna. Praia has a cultural centre in which local Cape Verdean artists and instrumentalists perform.
The Islands now have direct flights from the UK making the islands an investors hotspot with golden beaches, surfers’ and windsurfers’ Mecca - Ponta Preta - and the vibrant resort of Santa Maria, ever so closer. Moreover, there are plans afoot to expand and modernise Sal’s port and Marina to accommodate its growing tourism business.
Fabulous rental yields from holiday and commercial properties is one of the prime factors for the rising interest in property in Cape Verde among the British and European property investors.
Since the Cape Verde property market is in its infancy, it is the best time to invest in this gorgeous heavenly region. During the past few years, the property market in the Cape Verde Islands has grown some 30% annually. Considering its comparisons with the Canary Islands, it is estimated that the property rates will reach their neighbouring levels in no time in most of the Cape Verde Islands.
Hottest Property Investment Locations in Cape Verde
Sal is a great tourist destination and a potential property investment hub within the Islands. The town of Santa Maria along with the southern area of Sal is growing rapidly. The major highlights of Sal include a range of good restaurants, a picturesque square with shops, restaurants and live Cape Verdean music, and two of the five new Nick Faldo and Ernie Els designed golf courses.
You can look forward to owning apartments and villas on Ponta Preta beach here for an investment of upwards of £57K. However, you can also scout for cheaper property around Sal.
Boa Vista is another picturesque destination with over 55 kilometres of white sandy beaches popular for diving, fishing, wind and kite surfing. The capital city of Sal Rei has a pretty central square, with shops, bars, and small restaurants.
It is estimates that Sao Vicente will have an estimated 40,000 new high spec residential units in coming years to cater for the huge rush of investors. The prime reason for a surge in property demand is the six golf courses that are coming the the island, including a championship golf course designed by South African Ernie Els within the Baia das Gatas resort. Of course, the carnival – Rio – is the best cultural event known to Cape Verdenians.
The largest island of Cape Verde archipelago, Santiago has stupendous mountainous interiors with two large mountain chains. Most of the population is concentrated in and around the capital city of Praia, which is host to 15 foreign embassies and consulates. Since it i’s the capital of Cape Verde, most economic and business activities in Cape Verde have their epicentre in Praia, which makes it a lucrative investment destination
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