Cape Verde is a group of islands 385 miles (620 km) west of Senegal, West Africa in the Atlantic Ocean. Its official name is The Republic of Cape Verde and it covers 4030 sq kms. Cape Verde is made up of two distinctly different types of islands. Six of the islands, located more to the west, are characterized by their mountainous landscapes, whereas long, sandy beaches distinguish the remaining three. The currency used in Cape Verde is Cape Verde Escudo (CVE).The main languages spoken are Portuguese and Criuolo, which is a blend of Portuguese and West African. About 80% of the inhabitants are Roman Catholic... Cape Verde has the coolest temperatures of any country in West Africa and is fairly similar to the Canary Islands.

The uninhabited islands were discovered and colonized by the Portuguese in the 15th century; Cape Verde subsequently became a trading center for African slaves and later an important coaling and resupply stop for whaling and transatlantic shipping. Following independence in 1975, and a tentative interest in unification with Guinea-Bissau, a one-party system was established and maintained until multi-party elections were held in 1990. Cape Verde continues to exhibit one of Africa's most stable democratic governments. Most Cape Verdeans have both African and Portuguese antecedents.

Cape Verde with a population of 426,998 (July 2008 est.) continues to exhibit one of Africa's most stable democratic governments and one of the Governments guaranteed rights is the security and legal protection of property rights and other assets. The government has put in place a set of incentives to encourage property ownership development in the Islands; such incentives include not capital gains tax if you sell within the first 5 years of first registration and no tax to pay for property investors if they sell prior to first registration of the property.

International Hot property has Identified and researched property in Cape Verde and has targeted the quality developments on the Island of Sal as those that would suit our Investors and international property buyers best. The main thing with Cape Verde for investors is that it is an under developed area and once all infrastructure is in place it is likely to have a very positive effect on property prices.

WHY INVEST IN CAPE VERDE PROPERTY?

A cold Atlantic current produces an arid atmosphere around the archipelago. There are two seasons: December–June is cool and dry, with temperatures at sea level averaging 21°C (70°F); July– November is warmer, with temperatures averaging 27°C (81°F). Although some rain comes during the latter season, rainfall is sparse overall. Accumulations are generally around 13 cm (5 in) annually in the northern islands and 30 cm (12 in) in the south. Such an all year round climate with only a 4 hour flying time from Madrid is helping to establish Cape Verde as a tourist destination and making it a very attractive place for property investors to invest.

Cape Verde currently has an annual growth rate of 6.9% and an inflation rate of 4.4%. The economy is service-oriented, with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Although nearly 70% of the population lives in rural areas, the share of food production in GDP is low. About 82% of food must be imported. The fishing potential, mostly lobster and tuna, is not fully exploited. Cape Verde annually runs a high trade deficit, financed by foreign aid and remittances from emigrants; remittances supplement GDP by more than 20%. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy. Future prospects depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the government's development program hence the incentives for property developers and property investors alike. Cape Verde became a member of the WTO in July 2008.

The Cape Verde islands are an area of stunning natural beauty with beaches comparable to the Caribbean islands while they offer an amazing year-round climate, making the area ideal for beach holidaymakers but as of yet tourism is at a relatively low level which is positive thing for Cape Verde property investors. Tourism is on the increase and it’s planned to get the tourist level up to one million by 2015

The Cape Verde property market has several major factors going for it, firstly as it is an emerging market you can buy front line projects for very little money and as everyone knows location is everything. The Cape Verde government is controlling what is being built to low density levels meaning that the Islands should never be over developed. With the no tax breaks given to overseas property buyers as well should make Cape Verde property a very sound investment especially once the entire new infrastructure has been put into the Islands. If you are considering investing into Cape Verde property we would suggest sooner rather than later should be your aim.

Looking to buy a property in Cape Verde ?