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UK buyers show revived interest in Cape Verde

7th October 2009 Print
Cape Verde proves it has survived the property slump that decimated many overseas investment markets as buyer confidence in the paradise archipelago returns, according to the islands’ biggest real estate agent Noscasa.

Whilst smaller, less experienced agents on the islands failed to stay afloat during the choppy seas of the global financial crash, Noscasa has continued to do business as usual and is now seeing a steady rise in activity from UK buyers looking for an affordable property in Europe’s most easily accessible tropical destination.

“Following a period of intense activity in 2006/7, the booming property market of Cape Verde was unquestionably hit by the economic crisis in 2008, but the effects were not as severe as in countries such as Spain,” says Noscasa MD Paul Akwei.

“Because the market was not as over-inflated before the credit crunch it has not had so far to correct and values for both sellers and buyers are even more realistic.

“Prices are now settling at a level that is low enough to attract buyers but high enough to encourage sellers back into the market. We are very optimistic for the future and believe that Cape Verde is one overseas destination that will continue to develop without any lasting damage.”

Buyers keeping the market afloat during difficult times have been savvy investors looking for distressed sales, retirees who were not prepared to let the financial crisis deter them from finding the perfect retirement home, and wealthy individuals looking for the right property in the right location no matter what the price.

But as the economy slowly picks up it’s more of a general buyer’s market and cash purchases will obviously mean more bargaining power.

Sal island, with its endless pristine beaches and home to Cape Verde’s international airport, remains the main attraction for both tourists and property investors, with lush mountainous Sao Vicente and capital island Santiago also drawing both holidaymakers and investors to their shores.

An example of a highly affordable holiday home investment is a one-bed apartment at the Verde Cara development on Sao Vicente, selling for just €55,000, with fabulous views over the beautiful beach of Mindelo Bay.

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. Or for reduced price re-sales, the Djadsal Moradias development has two-bed furnished apartments from just €75,000.

At the high end, buyers need to look at the completed 5 star Bazamore Residence development where there are two available penthouses or the off-plan Cine Cize development. Managed by Noscasa, they promise unparalleled services to owners wanting a stress free holiday home.

“Before the financial crisis Cape Verde was Europe’s closest tropical destination with a constant climate, direct flights from the UK, a stable economy pegged to the euro, investor-friendly government policy and a vibrant culture – and nothing has changed!” says Akwei.

“Those are just some of the reasons why Cape Verde developed as a highly desirable overseas property investment market and that’s why it will recover and return to health so much quicker than many other destinations.”

Noscasa has offices on Sal, Sao Vicente and Santiago with another due to open soon on Boavista and offers the best selected range of properties across the whole collection of islands. Alongside property sales, Noscasa’s services include long and short term rentals, property management, land sales & consultancy and facilities management, a department which is set to expand greatly over the coming months.

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