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New property investment opportunities in Cape Verde?

11th June 2009 | back to article listings BACK    print this article PRINT

For those investing in property overseas, Cape Verde has been an exciting emerging market in recent years. The nearest tropical islands to Europe have been compared to the Caribbean but are easier to get to and have had their property growth underpinned by an expansion of tourism, improvements in infrastructure and an overall economic development that saw the country join the World Trade Organisation last year.

Much of the property is tied up with tourism, but as a new market many opportunities could exist for new niches and sectors to emerge.

Such a was made by an article in Voice of America News, which noted that the sort of development that has taken place thus far has concentrated heavily on luring western tourists to big hotels near beaches, with the usual extra facilities like golf courses. This has notably been the case on islands such as Sal and Boavista.

Other islands, such as Santiago - the largest in the archipelago and home to the capital city Praia - have had less development and it has been suggested that this should occur along different lines.

Such a point has been made by ex-pat German Sibylle Schellman, who runs a restaurant on the island with her husband. She said: "The government right now and the ministers of tourism, they only have in mind these big hotels."

She added: "There was a study once, which said that all-included tourism is the best thing for a third world country and so they said, well, that is what they want and they want to have a water source and they want to have golf and a marina.."

This approach, Ms Schellman said, is bad for the locals whose hopes of making money from tourism are restricted by the all-in nature of package holidays. Moreover, she said, it stops visitors from experiencing more of the culture of the country.

Here may lie a new element of property development. Tourism that depends not on beaches and surfing but on culture, history and inland scenery could be served by smaller developments that may be less closed off from the country at large and permit more mixing with the local people. Those keen to invest in Cape Verde property may find this is a market that emerges after the world recession passes.

The new chairman of Cabo Verde Investimentos, Rui Cardoso dos Santos may have a part to play in this. As Macauhub reported recently, he is hoping to promote new investment in the archipelago by promoting Cape Verde as a "safe and attractive" destination.

Such a description may be applied to the country in terms of its stable democracy and economy, but perhaps also to tourism. If there is a niche and a market in the sector that new property developments can play a part in, this could be a new area that investment money will find a safe and attractive proposition.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4832.html. Alternatively, please see our full press release archive.

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