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Cape Verde is back

5th April 2010 Print

Cape Verde proves it has survived the property slump that decimated many overseas investment markets. Buyer confidence in the paradise archipelago has returned, according to the islands’ most highly respected real estate agent Nôscasa.

Whilst less experienced agents on the islands failed to stay afloat during the choppy seas of the global financial crash, Nôscasa has continued to do business as usual. It is now seeing a steady rise in activity from UK and Irish 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 Nôscasa MD Paul Akwei.

“Because the market generally was not over-inflated before the credit crunch, it has not had so far to correct. We are finding that both values and buyers are 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 most importantly been the local market. Also important 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. A modern and upmarket town-centre resort just a stone’s throw from aquamarine shorelines and rolling soft sandy beaches.

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, while enjoying all the picture-perfect trimmings of life on the islands.

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. Or for reduced price re-sales, the Djadsal Moradias development has two-bed furnished apartments from just €75,000. Both of these are offered exclusively through Nôscasa.

The lush mountainous Sao Vicente is also drawing both holidaymakers and investors to its shores. Mindelo, the capital of Sao Vicente, has an international and domestic airport. An example of a highly affordable holiday home investment is a one-bed apartment at the 13-storey Verde Cara development on Sao Vicente. There are two units left with prices from just €55,000, with fabulous views over the beautiful beach of Mindelo Bay.

The tropical island of Maio is fast becoming the favoured choice for wealthy Cape Verdeans and is set to attract international investors due to planned infrastructure developments and improved air and ferry links.

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 4 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.

“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.”