Investing in property Cape Verde Islands
The Cape Verde Islands are an archipelago situated 600km of the coast of Senegal marking the westernmost reaches of the continent of Africa. The country consists of 10 main islands called, Sal, Boa Vista, Maio, Sao Tiago, Fogo, Brava, Sao Nicolau , Santo Antao, and Sao Vicente. The capital, Praia, is located on Sao Tiago, where half of the population of the country lives.
Due to the location, the islands provide a near perfect climate, with beautiful year round warm weather, low rainfall and clear blue skies for the majority of the year. Apart from the odd cloudy day in the winter you will find beautiful blue skies whatever time of year you visit, as the island can boast 350 days of sunshine a year. The temperature on the islands ranges between 26ºC in August through to October, and a very pleasant 21ºC in the depths of mid winter.
The terrain is mountainous, with peaks over 1,280 M present on 4 of the islands. The island of Sal, however is relatively flat, and is one of the three eastern sandy islands, the others being Maio and Boas Vista. Sal is also the location of one of the islands international airports, and is the location for some of the best property investment opportunities on the islands.
Investment in Cape Verde
Reasons to invest in Cape Verde
The Cape Verde Islands enjoy a stunning location and have an excellent climate with warm summers and exceptionally mild winters, making the islands a truly year-round holiday destination. There are long white sandy beaches, which are the setting for a host of water sporting activities and it is the perfect place to relax, without the hustle and bustle of many Mediterranean resortsSal is the location of one of the two international airports, which are now providing direct flights to and from the UK. The volume is set to increase as the popularity of these islands grows.
Flights to Sal are provided through Astraeus Airlines from Manchester and London Gatwick, as well as many charter flights. Flight time is approximately 5-6 hours, providing a tropical island much closer than the Caribbean or far-east.The tourism market in Cape Verde is increasing fast (24.6% rises in 2006), in particular on Sal – the most visited of the Islands. GDP growth is at a very healthy 6.1% providing an excellent environment for investment with real estate booming on the islands.
The rapid improvement in the infrastructure and high levels of investment on the island will be of major benefit to early investors, particularly on the island of Sal, where the major work is being completed. Comparisons with the Canary Islands some 30 years ago have been made, however strong planning restrictions on the island will prevent them from becoming saturated with properties, providing a solid exit strategy as supply is restricted.
Compared with Mediterranean destinations and in particular the islands, Cape Verde provides an unrivalled opportunity for low prices and high quality properties, in an idyllic setting with tremendous potential for capital growth.
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UPA Property Blog @ May 2, 2008