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The best prospect of all

18th September 2008 | back to article listings BACK    print this article PRINT

Cape Verde has been cited often enough as a property location that offers one of the most exciting of emerging locations. Based in the tropics and yet the closest tropical islands to Europe, located in the same time zone as Britain, blessed with sun, sand and a wide variety of scenery and increasingly popular with tourists, Cape Verde seems to have many advantages.

Yet what of Cape Verde as the credit crunch rolls on? At a time when its former colonial master Portugal's property market is struggling and Spain is doing even worse, when many of the markets labelled emerging in eastern Europe are looking less than safe bets and recent boom countries such as Britain are facing adjustment, many will wonder what constitutes the best country in which to invest, given the problems around the world.

According to property development firm Sands Developments via Easier property, Cape Verde is that country. Advertising its new Cabral Beach development on the island of Boa Vista, the firm stated that it is easy to understand why tourist numbers have trebled to 330,000 since 2001, given the fine beaches and year-round tourist season there.

But there is more. The company stated: "Although Cape Verde is still a developing market it represents the best investment opportunity in the overseas market anyone is likely to find in 2008 due to its expanding economy, political stability and growing infrastructure. Not to mention the excellent value-for-money properties on the market, which promise excellent projected returns."

Of course, the latter may have a lot to do with the former, not least as Cape Verde has been noted for its economic development in recent years, the most compelling evidence of this being its successful bid to become a member of the World Trade Organisation earlier this year.

Moreover, the way the country is running its economic affairs is carefully monitored too help it stay on track. News site asemanaonline has disclosed that a delegation from the International Monetary Fund (IMF) has just arrived on the islands to do just that, reports Macauhub.

Not that this is anything to be alarmed about: the news provider notes that the 12-day visit is part of the policy support instrument agreed between the IMF and Cape Verde in 2006. Indeed, Macauhub notes, the last mission, carried out in March, gave the islands the thumbs up and as recently as July the fund's deputy director Takotoshi Kato hailed the "impressive" economic development the islands have undertaken. If Cape Verde can go on being impressive, it may indeed be the best investor bet.

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