Why invest in Cape Verdean property?
Cape Verde has been identified as the globe's next property hotspot - due to its benign climate, spectacular sandy beaches and the fact that it remains a secluded and unspoiled beauty, as-of-yet untouched by insensitive tourist development.
The archipelago's tourism industry is experiencing rapid growth however - with the number of visitors increasing by around 25 per cent every year over the last five years. Around 500,000 tourists are expected to visit the Cape Verde islands every year once all new airports and infrastructural improvements are complete.
Despite the archipelago's stunning white beaches - most of which come with dramatic mountain backdrops as standard - and perfect snorkelling areas, property prices are still relatively cheap. Careful development is taking place however, as developers ready for themselves for a significant increase in the levels of interest in the market.
Foreign nationals hoping to purchase property in Cape Verde are not subject to any restrictions on purchase, with most developments quoted in either pounds or euros. All real estate transactions are done in the national currency, the Cape Verde Escudo.
New international airports are scheduled to open on three of Cape Verde's biggest airlines Santiago, San Vicente and Boa Vista - as the government prepares in advance of its anticipated boom in tourism. Property values are rising by around ten per cent per year as locals look to cash in on the archipelago's new found wealth - but prices remain cheap at around £1,650 per square metre.
Yields on buy-to-let properties can apparently be as high as eight to nine per cent in some areas, according to reports.
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