Cape Verde Property Investment Opportunities. Real Estate Cape Verde.

£75,000 / $148,000 *

New Developments in Cape Verde

The independent Republic of Cape Verde is being talked up as the new Canary Islands for investors and holiday-home buyers. Located on an archipelago in the North Atlantic Ocean, off the western coast of Africa, the 10 main islands and 8 islets were discovered and colonised by the Portuguese in the 15th century. Of these, only Santa Luzia and five islets are now uninhabited. This is a tropical country, with average temperatures from 24°C (75°F) in January and February to 29°C (85°F) in September and an average annual rainfall of 68.4 mm, half of which falls in September, while April to July has less than 4 mm. It hosts many rare birds and reptiles and is an important nesting site for loggerhead turtles, while humpback whales feed in its waters. It has a population of nearly ½ million, most of whom are descendants of African slaves and white Portuguese settlers or Spanish and Italian seamen, with the remainder mostly black Africans or Europeans.

The official language is Portuguese. Many foreigners from all over the world also settled here. The tourism sector is now one of Cape Verde’s driving economic forces, having witnessed some impressive growth in recent years, with Sal the most developed island, attracting Italians, Germans, Portuguese, British and Irish, especially since the introduction of direct flights. It boasts a wide beach of pure white sand and a continuing development of holiday apartments/villas due to complete within two years. On Boa Vista, an airport is planned. The main island of Santiago, accessed via a flight to Sal, is also ripe for development, with plans for a casino/hotel in the capital, Praia, and a clean-up for its bay. Cape Verde's hotels welcomed 233,000 tourists last year, 26.4 per cent more than in the previous year.

Tourism was also the main focus of foreign direct investment (FDI) in Cape Verde last year, reaching a total of $US250 million. Other sources of income for the growing economy are shoes, clothing, fish, bananas and volcanic rock used in cement. It enjoys a per capita income higher than that of many continental African nations and its currency is linked with the euro, the Prime Minister having promised to help integrate Cape Verde within the European Union sphere of influence via greater cooperation with Portugal. There are free presidential elections and a prime minister heads the government, appointed by parliament. The ruling party has shed its Marxist leanings and embraced the market economy. Press freedom is guaranteed by law and although much of the media is state-run there is an active private press and a growing number of private broadcasters.

The culture of mixed African and Portuguese roots is rich in art, many types of music and dance and literature, much of which is written in the different creoles of the islands.

• Official Language: Portuguese
• Currency: Cape Verdean Escudo (linked to the Euro)
• View Cape Verde on the World Map

New Developments in Cape Verde

Cape Verde Property     * currency exchange rates subject to fluctuation.