Assetz® News - Transports of delight

Transports of delight

28th July 2008 |

The news about Cape Verde being a property hotspot is no longer news in and of itself. Its status as an emerging market has been well documented in recent times. What may be more significant, however, is the way that there are continuously new developments in the country's market, its economy and its infrastructure.

Being a small Atlantic archipelago off the west coast of Africa and populated by less than half a million people, Cape Verde has both geographical advantages and disadvantages. The advantage, of course, is its location amid blue sea and under blue skies, with plenty of beaches and varied scenery. The disadvantage has been its small size and relative isolation.

However, recent developments have focused on ensuring it is the advantages that matter most. Being a small and historically impoverished country might have previously meant it being ignored, but that has become less likely with its economic development - to which the property and related tourist boom has been a key element. This in turn has led to the accession of the archipelago to the World Trade Organisation, which came into effect last week.

Having joined the WTO, the country won veto rights amid tense talks that have rumbled on for a decade over tariffs and subsidies, reports Reuters, indicating that already being in the club is benefiting the country.

But for investors the boost the country may get to its economic fortunes matters little if they cannot get around. Transport has been a major area of recent improvement as airports have been built and new air routes have emerged, including direct flights from Britain.

The latest new route may be coming in from former colonial master Portugal. According to Macauhub, Azorean airline Sata has proposals to start a service from Madeira, as revealed to Madeiran newspaper Jornal da Madeira by Sata spokesperson Nathalie Bletiere. Any Britons investing in the Azores may be interested in this opportunity to expand their portfolio, while the arrival of new services from anywhere could lead to more new airports and the additional capacity to accommodate more flights from Britain.

Even within the archipelago those with investments on more than one island, or plans to do so, have had good news. Homes Overseas reported last week that three new ferry services will begin next year between the different islands. Managing director of Cape Verde property Adrian Lillywhite hailed the move, stating: "This is a very exciting time for Cape Verde with accessibility set to improve hugely within the next 18 months." He added: "New flights to the islands will open the region up to more UK people looking to invest in a growing market with a good climate and the new ferries will improve accessibility no end between islands, allowing people to further explore this stunning archipelago."

Cape Verde is only the second country listed by the United Nations as among the world's poorest to join the WTO. The other - Botswana - has done so on the back of developing and exploiting its mineral wealth, being rich in diamonds. It may be suggested that property is the jewel in Cape Verde's crown. If so, the growth of its transport links will make that crown increasingly easy to get around.