Benefits of Investing in Cape Verde Property
Are you tempted to put money into Cape Verde property?
You definitely are not alone as property is being purchased by many individuals in this former Portuguese colony located off the West coast of Africa.
These 10 isles are within a one-hour flight in the Canary Islands plus they are being marketed as the "new Canary Islands". Actually, this place was touted during 2005 which led to a rise in UK investors as one of the best 20 foreign property investments.
Seems just like an excellent investment, right?
Many realtors are active convincing investors to buy cape verde property. They hype the newest international airport on the island of Sal, the 70% increase in property costs in the next 2 years as well as the tremendous growth prospect of tourism. In addition they talk about the closeness of the low cost of living free of VAT as well as the tropical islands to Europe. They assert that Cape Verde was voted the second best investment place world-wide.
It seems better, does not it?
Well, I am likely to let you know the actual facts. The ones the real estate agents DON'T want you to understand.
The Cape Verde islands are extremely poor in natural resources plus droughts are frequently suffered by them. For receiving food residents usually have to rely, and intense droughts have caused many deaths and substantial emigration.
Cape Verde property no longer has salt-mining or shipbuilding industries, therefore it has to rely on tourism. Santiago is the biggest island also it includes nearly half the total inhabitants of the isles. Sadly, the shores are horrible and the capital, Praia, is inferior and filthy.
Tourists are drawn to the quiet island of Maio which is closest to Santiago. The region features a relaxing setting.
Sal is the key tourist island. It features wonderful white beaches and several restaurants and pubs even though it's rather barren. Boavista is closest to the West African shore, as well as the development is nearly FIVE years behind Sal.