Now Is the Time To Buy in Cape Verde - Reasons Behind the Resurgence in Interest

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Cape Verde’s Government continues to be wholly supportive of foreign investment in property. A record volume of €2,639m in Foreign Direct Investment was received in 2008. The country’s 2009 budget amounted to a total of €480million, the budget represented an increase of 28.5% on the 2008 figure. The majority of the Foreign Direct Investment projects are aimed at capturing the increasing number of tourists, by building more luxury hotels and providing tourist services.

Cape Verde’s prudent economic management in recent years is now paying dividends putting the country in a position of strength.

Cape Verde’s Government continues to be wholly supportive of foreign investment in property.
A record volume of €2,639m in Foreign Direct Investment was received in 2008. The majority of the Foreign Direct Investment projects are aimed at capturing the increasing number of tourists, by building more luxury hotels and providing tourist services.

The country’s 2009 budget amounted to a total of €480million, the budget represented an increase of 28.5% on the 2008 figure. Deputy Managing Director of the IMF, Marilo Portugal commented: “Cape Verde’s prudent economic management in recent years is now paying dividends putting the country in a position of strength.” The islands have been internationally recognised for the way they have managed inflow of funds and worked hard to reduce domestic debt and build up strong reserves.

Buyer confidence in the paradise archipelago has returned, according to the islands’ most highly respected real estate agent Nôscasa. The number of tourist arrivals in Cape Verde is increasing at an annual rate of 22% and projections suggest that around one million tourists will be visiting the islands every year. Tourism is largely concentrated on the island of Sal which is the most visited island due to its international airport which is receiving numerous flights from Europe. Stays in Cape Verde’s hotel establishments rose 10.6% in 2009. Data from the National Statistics Institute (INE) reveals that most of the tourists came from the United Kingdom with English tourists being the ones spending the most time in the country.

According to Global Property Guide, (international residential investment analysis portal), Cape Verde property prices are the second highest on the African continent, followed by South Africa, demonstrating the rapid growth in recent years; the vast majority of property investments are focused on the main tourist islands of Sal and Boa Vista.

Nôscasa has presence on Sal, Sao Vicente Santiago and Boa Vista and offers a range of properties across the whole collection of islands. Alongside property sales, Nôscasa’s services include long and short term rentals, property management, land sales, consultancy and facilities management.

Bazamore Residence in the historic town of Santa Maria on Sal, offers investors a rare opportunity to place themselves at the heart of Cape Verde’s culture and history. Located along the cobbled streets which fortify the heart of Santa Maria, these apartments are situated just next to the Hotel Morabeza (a beautiful 5 star hotel) and have been designed to enhance the chic nature of Santa Maria’s old world charm.

There are three units left to sell: one 1 bedroom flat (55.1sqm) at €135.000 and two 2-bedroomed apartments of 72 sq m for €170.000. The apartments have balconies and can be bought fully furnished. Nôscasa provides owners with a stress-free investment at this development, as they will also manage and let these properties for investors. There will be a maximum of 33 fully furnished luxury apartments on offer to holiday makers.

Just a few steps away from the beach of Sal’s small but buzzing town Santa Maria is the luxurious Porto Antigo development where brand new one bed apartments are selling for €99,000.

The Salinas Beach Resort is the premier development on Maio and is currently under construction by No. 1 Cape Verdean developer Sogei. This project has been financed by funds raised on the Cape Verde Stock Exchange, and the strength of the Sogei name means buyers can be assured that off-plan purchases will deliver both quality and reliability.

The Salinas Beach Resort is located in Porto Ingles near to Maio’s harbour. The resort will include a four star hotel, commercial area, gymnasium, sauna, bar and beach club. Three bedroom semi-detached villas are available from €248,000, 2 bedroom 2 bathroom apartments from €126,000 and commercial units from €70,000.

General enquiries:

capeverde(at)noscasacv(dot)com    
http://www.noscasacv.com
For further information please contact Kerry Nicholas on 020 8878 0787 or Kerry(at)tidewaycommunications(dot)com

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Antonia Koumantaropoulou
Tideway Communications
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