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Cape Verde aims for the top

22nd December 2008 | back to article listings BACK    print this article PRINT

At a time when the world economy is struggling, those investing in overseas property may be limited in their means and cautious in their minds, cutting their cloth and curbing their ambitions accordingly.

For this reason, it may be reasonable to expect that people will be less willing to take risks and perhaps particularly keen to ensure that any investments they are making focus on the best quality they can find. The experience of some of the high-rise, low-quality concrete blocks on the Spanish Costas and their depreciation in the last couple of years may spur many to think this way.

When it comes to Cape Verde, investors may be reassured that the focus on quality is there. Speaking about the company's new Morazeba Beach Resort development on Santiago Island on an announcement made via Nubricks, the managing director of GEM Estates Andy Welland said: "The government is following the path of luxury when deciding which developments to give planning permission to and these cannot complete soon enough as there is a real scarcity of accommodation on the island."

This particular resort - which is planned to be completed in 2010 - is offering investors the chance to pay 15 per cent as a deposit on two-bedroom apartments worth as little as €177,120 (£167,600), which works out at just over €26,500 as an initial payment.

So the affordability is there alongside a government commitment to quality. This can be seen in other developments across the archipelago too.

For example, earlier this month it was reported that the Resort Group is spending €100 million on constructing two new luxury developments on the island of Sal, with technological support from BIW Technologies. In revealing this deal between the two firms, the announcement explained how this was part of a drive to create a top-quality end product.

Resort Group chairman Rob Jarrett said: "These schemes will set a standard for future developments in Cape Verde and, as well as being creative and innovative in our design and construction, we wanted to demonstrate technological excellence in the project management systems we use."

Alongside this striving for quality, the firm also revealed how it is seeking to preserve the important ecosystem of the islands, without which they would be less attractive. Construction director Darren Lees explained that the firm is working with Birmingham-based sustainable development consultancy EmissionZero to work out how to create the two new developments in the most eco-friendly way possible, adding in green elements like grey water recycling and solar panels, plus ensuring vital animal habitats such as turtle nesting sites are left undisturbed.

So when it comes to quality, investors may be able to find it in abundance in the Cape Verde islands, as the government seeks to create what may become a byword for quality, all of which could be highly beneficial in helping the value of investments there grow.

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