Cape Verdean Charm

A recent article by Robert Nurden (The Telegraph) looks at the appeals of Europe’s newest favourite destination.

“Why would they want to come here? All we have is sun and beaches” one minister is said to have exclaimed when shown plans for a huge coastal development on Santiago.

It didn’t take long, however, to convince the government that this is exactly what sun-staved Europeans wanted – sun and beaches. Once convinced, the government opened their arms to foreign investors and began throwing money into the islands’ infrastructure and development.

Cape Verde offers something more than your traditional retirement destination, like say the Costa del Sol or the south of France. This is Africa – a land of adventure, mystery, intrigue and unmistakably charm.

Background (Cape Verde Islands)
Located in the Atlantic Ocean off the west coast of Senegal (Africa) Cape Verde is an African country made up of 10 idyllic tropical islands. It’s just over one hour south of the Canary Islands.

The people living on Cape Verde are a mixture of African, Portuguese and Brazilian. Portuguese is the official language but many Cape Verdeans speak crioulo – a local dialect. Most of the people in Cape Verde are Catholic.

Initially it was the Italians who were first attracted to this windswept archipelago. Along with UK and Irish buy-to-let investors, they’ve played a significant part in boosting the country’s economy and infrastructure.

Cape Verde is the closest tropical paradise to Europe. It only takes five-and-a-half hours to fly here direct from the UK, whereas places like Barbados in the Caribbean will take at least 12 hours.

Last year, Astraeus Airlines commenced direct flights from Gatwick and Manchester to Cape Verde. They fly once a week.

Investing In Cape Verde
Initially, it was just big investors buying here – often buying in bulk, sometimes up to 10 apartments or more.

Nowadays, Cape Verde attracts a growing number of buyers looking for holiday homes – places they can use themselves for a couple of weeks in the winter and rent out the rest of the year. Unlike Spain and the Canary Islands, there are still not that many UK buyers looking to set up permanent residence in Cape Verde. Not yet…

A lot of the developments in Cape Verde are still under construction. There are only a few that are actually finished. Developers are confident that with a price increase of 18 per cent last year, buyers will be keen to get in quick.

Now is the best time to invest in Cape Verde. If not now, very soon. It’s still an emerging market with low prices, but as can be seen from the increase in property values, it won’t be cheap for much longer.

At the moment, the starting price for an apartment is as low as £30,000. You won’t find this on Tenerife! For a six-bedroom villa, with six bathrooms and a pool, expect to pay less than £350,000.

Why Cape Verde
Firstly it’s politically stable and relatively crime free. It’s also largely efficient and technologically advanced, with a very promising economic outlook.

One of Cape Verde’s biggest attractions for UK buyers and holidaymakers is its close proximity – a tropical paradise on your doorstep.

The climate too, a major factor. The weather on Cape Verde is similar to the Canaries, yet slightly hotter and more consistent. It has a perfect beach climate all throughout the year, making it ideal for sun-worshipers and buy-to-let investors.

Cape Verde is widely regarded as 2007’s most promising emerging market. Anyone who buys now will be getting in at the right time and should reap the benefits of the sharp increase in property values in years to come.

With all the money being pumped into the islands’ infrastructure and tourism industry, property price increases are almost guaranteed.