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Work begins on Cape Verde complex

23rd August 2010 | back to article listings BACK    print this article PRINT

Building work on a new five-star Cape Verde property development on the western coast of Sal Island has begun.

The developer behind the scheme predicts that property investors who buy into the Sol Melia managed resort - on Ponta Preta Beach - should enjoy annual capital growth of around 9% for the next five years, as well as rental yields of between 13 and 22%.

The flagship development by The Resort Group comes in the wake of the group's successful first scheme on the island, the nearby Tortuga Beach Resort and Spa. Almost all of the 372 homes have been sold - the majority of them off-plan.

The new pedestrianised Dunas Beach Resort and Spa will be made up of 1,133 fully-furnished villas, studios, apartments, and hotel suites set among footpaths and landscaped gardens within a secure gated community.

Property prices will begin at £115,000.

Adam Ellis, The Resort Group's marketing director, said: "The research showed that, although the global average for occupancy of rented resort properties was 68%, the average for Sal is 80% with the highest occupancy rates on the island reaching 95%. Despite the recent recession there has been little change in these figures."

Copyright © Press Association 2010

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