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Hide and seek

11th November 2008 | back to article listings BACK    print this article PRINT

There are some property secrets that are so good they should never remain hidden. As the sun beats down from the sky day after day on idyllic locations oozing with appeal for tourists and potential for investors, it may be considered rather unfair for those in the know to keep it all to themselves.

When it comes to islands in the sun, there are plenty that people do know about - Cyprus, Malta, the Canary Islands or - for those casting their eye farther afield - the Caribbean and the Maldives.

As it happens, the Cape Verde islands have been compared to the West Indies many times. Such a description has also been used by Lonely Planet guide author David Else. Speaking about the archipelago, he said: "The most popular attractions are the beaches, long clean beautiful and warm beaches. It's been described as the hidden Caribbean."

But how hidden is it really? The answer is less and less so. Knowledge about the qualities Cape Verde offers for visitors and investors alike has grown considerably in recent years, as has the ease of getting there, with several direct air services from Britain now available.

Commenting on this, Mr Else said: "Until five or ten years ago, this destination was unknown to most British tourists and what people are discovering is a set of islands which is as near as Gambia but offer a mix of Portuguese, African and Brazilian-style atmosphere."

This may not be surprising, given that the islands are officially part of Africa but a former Portuguese colony. Moreover, all these are warm countries at most, if not all of the year and Mr Else noted that the perennial pleasant weather means that Cape Verde offers a year-round destination. This, of course, means year-round letting potential for buy-to-let investors.

Moreover, the background to the property market is a solid one. Tourism and property are important parts of the economy and their recent development has gone hand-in-hand with recent economic growth, an expansion that brought tangible recognition as the islands joined the World Trade Organisation in July this year.

Having lifted itself out of the status of one of the world's least developed countries, Cape Verde is now one of eight involved in a United Nations programme to meet millennium development goal anti-poverty targets by 2015, with the particular programme for Cape Verde focused on trade and interconnectivity with global markets.

This being so, the role of the islands in the international property scene may be very important for the success of these goals. The recent trends have been encouraging: the Buy Association Buying Guide states that in 2006 alone, prices in Cape Verde rose by 20 per cent.

So Cape Verde, it seems, has little to hide and plenty to show off to the world. If its property potential can continue to match its natural charms, there may soon be nothing hidden about Cape Verde for investors.

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