Cape Verde a shining example to emerging property hotspots

Cape Verde is being hailed as a model for emerging nations on how to create positive conditions for investment from overseas.

Industry experts say it now has a competitive edge over many other countries in the region with a good transport network, growing services industry and a willingness to embrace new technology.

The government, in particular, is singled out for praise for dealing astutely with the international community and opening doors for investment. It has also managed to attract the attention of the Chinese who are the latest group to invest in the archipelago off the coast of Africa.

As a result Cape Verde is in the right situation to attract even more overseas visitors, adding to the already high demand for holiday rental property. And the interests of overseas property investors are protected by the creation of an initiative, Cabo Verde Iniviativ SA (CVI) to make sure mistakes made in other emerging property hotspots like illegal sales and building without planning permission are not repeated. All companies operating under the CVI umbrella abide by a strict code of conduct.

A British couple who have bought three properties in Cape Verde believe it is an extremely good investment. Tony Sharp and his wife Kellie have bought through GEM Estates purely for investment and see it as bringing a high return when they want to retire.

They have two bedroom apartment in Djadsal Moradias bought for €111,550, a two bedroom in Tortuga Beach Resort and Spa for €162,950 and a two bedroom duplex for €212,750 in the trendy marina-front resort of Rosa del Mar in upmarket Porto Murdeira.

'Our Cape Verde properties are our pension to keep us comfortable in our old age. Take Rosa del Mar for example, it's almost like a long term savings plan. We have only put 30% down, have several nicely spaced stage payments to make, and by the time it's ready to go in 2011 we'll only owe a manageable 40% which of course had been fixed in value at purchase,' said Tony, 40.

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Date: 7/22/2008