Assetz® News - Sailing around the Cape

Sailing around the Cape

11th September 2008 |

Those involved in international property investment who are familiar with the recent development of Cape Verde will be aware that much of its recent emergence as a growing tourist destination and flourishing property market has been down to better access.

Being located in the north Atlantic in a tropical zone (the nearest tropical islands to Britain, in fact) and in the same time zone as the UK, Cape Verde enjoys an enviable location in one sense, embellished by its varied and attractive scenery. But with this relative isolation comes the need for good means of access, something a growing number of airlines are providing.

For British investors, the good news is that the availability of such flights has grown. For example, Cape Verde Jetaway not only advertises its direct flights to both Boavista and Sal from Gatwick and from Manchester to Sal, but has also announced a new twice-weekly service to Sal from Birmingham.

So with plenty of air access, more holidaymakers can arrive at any time of the year to escape the cold rain of a British winter or the lukewarm rain of the British summer. This access equally opens up more opportunities for investors in holiday rental property, aparthotels and other developments as the industry grows and the economy of the World Trade Association's 152nd and newest member expands with it.

Having reached the archipelago, of course, many will appreciate having good means of getting between the different islands as well. Good news this week that may assist in this - and thus further boost investment - is that more help is on its way from the Iberian Peninsula. Not in the shape of former colonial master Portugal but from Spain, reports Macauhub.

The portal has relayed a report in A Semana newspaper that funding from Spain will enable Cape Verde to build a ship for the express purpose of ferrying both cargo and up to 250 passengers between the islands. Now the Cape Verdean minister of infrastructure, transport and communications Manual Inocencio Sousa need only finalise the decision on which port will be equipped to build the vessel and who will get the private contract to run the state-owned ship.

This enhancement to transport links in the archipelago is not the only new development reported by Macauhub this month. Another is that the government of the islands is looking to set up a legal framework for the casino gambling sector before the end of 2008. Such a move may enable the government to tax and regulate the sector in a way which is beneficial to its own treasury coffers, but could also mean the development of facilities in this sector that could attract a new segment of the tourist market. Whether this means a Cape Verdean answer to Las Vegas is on the way is not clear, but the fact that such a framework is planned could be a very good reason for investors to pay attention to developments, not to mention the question of whether any new casino will be served by the new ferry.