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Caribbean - but not Caribbean

30th September 2008 | back to article listings BACK    print this article PRINT

Cape Verde's attractions are known to be numerous - sandy beaches, deep blue sea, tropical sunshine and scenery which varies from island to island. All of these are good reasons for taking a trip there on holiday, but some may wonder why property investors should consider the archipelago when the Caribbean is an established tropical destination that is popular with Britons, not least as the West Indian nations use English as their mother tongue.

One reason, of course, is that the islands are nearer, the closest tropical islands to Britain and on the same time zone, so flying there does not involve jetlag.

But there is more than that, according to Paul Collins, the property editor of overseas investor portal BuyAssociation.

One major incentive he noted was the availability of euro mortgages, which banks on the island are offering. These, of course, can help investors to purchase property on the islands using a stable and familiar currency. Mr Collins noted this is particularly true for those from one fellow Lusaphone country, former colonial rulers Portugal.

He said: "Being a former Portuguese colony they retain quite strong links and that's always going to be an incentive," adding that this link is relevant beyond simply the sharing of a language with one European country: "The mortgage system is going to be similar to that in Europe which is going to be a great advantage to people when they are buying overseas."

Thus Cape Verde is linked to Portugal by a common language in the way that the West Indies are to England, as well as being accessible for euro mortgage holders. Mr Collins agreed that the comparison has mileage: "It [Cape Verde] does have a certain element of what the Caribbean is about; beautiful blue seas, fantastic weather for most of the time and quite a low cost living. Because of the low living cost people can retire there and collect their UK pension and live much more cheaply."

Of course, what many investors are looking for from an emerging market is a sign that it is backed by a strong, well run economy. In this respect, Cape Verde has been able to provide clear enough evidence of progress by being admitted to World Trade Organisation membership.

In a further move, Cape Verde has joined with another Lusaphone partner - Angola - to jointly form an investment bank with a working capital of €90 million (£71 million). The two countries will both gain an income from the development, which is the latest sign that Cape Verde is emerging economically. Those investing in the country may be keen to know that there are quite a few euros in circulation - and not just in the mortgage markets.

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