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Cape Verde has a well deserved reputation as one of the hottest overseas property markets in the world.
Tourism is the biggest business in Cape Verde and accounts for 15% of its GDP. This is expected to grow by 6% a year from 2015 to 2025. The overseas property market in Cape Verde is growing very fast as well.
Cape Verde is popular mainly as an alternative holiday destination to Sharm el-Sheikh. The recent tragedy in Sharm el-Sheikh, when a Russian jet carrying 220 tourists was targeted by ISIS, killing everyone on board has led to many countries, including Britain, cancelling flights to Sharm el-Sheikh.
Cape Verde has been the biggest beneficiary of this. A number of tourists have changed their vacation plans from Sharm el-Sheikh to Cape Verde in 2016. This has benefited the overseas property market in Cape Verde as well.
Indeed, the property market in Cape Verde has grown by leaps and bounds over the last 10 years and there seems to be no sign of it slowing down. The popular archipelago is experiencing a huge tourism boom and this means there’s a huge demand for holiday rentals here, from private villas to beachfront holiday homes.
As long as Cape Verde remains a top tourist destination, the demand for properties here will only continue to grow. Cape Verde has other good things going in its favour as well, which foreign investors find attractive. It is an open democracy with a stable government.
The Cape Verde economy is strong and the infrastructure is pretty decent as well. The government has taken steps to improve the utilities, telecommunications, roads and transportation in Cape Verde and bring them as close as possible to international standards.
For the overseas investor, Cape Verde offers consistent rental returns and capital growth. It is a safe country with none of the law and order problems that you see in other developing countries, especially in Africa. It has a very low crime rate and is considered to be generally safe for women and children.
Cape Verde also has a brilliant Mediterranean climate with an exceptional weather that lasts all through the year. Temperature in Cape Verde is never under-25 degree Celsius, even during the winter. So tourists can bask under the warm glow of the sun while lounging on the beautiful sun-kissed beaches of Cape Verde.
So who are buying properties in Cape Verde? Many cash rich buyers from China and Russia have been investing here, as are buyers from the UK. In fact, Britons are the biggest buyers of properties in the beautiful archipelago.
There is a lot of interest from Portugal as well, because of the historic ties that bind Cape Verde to Portugal – Cape Verde was once ruled by Portugal. There is also a lot of interest in Cape Verde coming from Belgium, Germany and Italy.
Cape Verde is one of those overseas property hotspots which show a lot of potential for future development. However, the Cape Verde government has been careful enough not to allow overdevelopment to affect the biodiversity of the archipelago.
That’s why care is taken to ensure that the archipelago is protected from the greed of developers and only low level or low density real estate projects are given permission. A major part of Cape Verde is off limits to developers.
This is actually very smart thinking from the Cape Verde government as many promising overseas property destinations lose their charm because of overdevelopment, which leads to an excess of supply and lower demand from tourists and property seekers.
Clearly, the future of Cape Verde looks very good and one must credit the sound eco-friendly policies of the government for this. So, Cape Verde enjoys a great advantage is the long run compared to its competitors in the overseas property market such as Brazil, Egypt or Turkey.
If you need to sell overseas property in Cape Verde fast contact us today.