Press Release Summary: Cape Verde has become a land of exciting opportunity in recent years, where the economy, tourist industry and property market - not to mention its infrastructure and list of airports - have all grown. Each of these are dependent on the other, which has meant that Cape Verde news of almost any kind has been worth reading about for those investing in property.
Press Release Body: Cape Verde has become a land of exciting opportunity in recent years, where the economy, tourist industry and property market - not to mention its infrastructure and list of airports - have all grown. Each of these are dependent on the other, which has meant that Cape Verde news of almost any kind has been worth reading about for those investing in property. A new airport means new air routes, new air routes means more tourists and more tourists mean more customers for buy-to-let property. Describing the basis of this virtuous circle - the Cape Verdean government\'s investment in infrastructure and airports - Deborah Fox, director of overseas property firm Emerging Real Estate said: \"Tourism is now the backbone of Cape Verde\'s economy so if more resources and money are channelled into this then more employment will be created, which will help the economy and attract more visitors.\" However, it is worth noting that according to Ms Fox there are two somewhat different kinds of property investment in Cape Verde. Firstly, she said, there were the holiday destination buyers, which she described as \"buy-to-let investors who visit on a regular basis but then rent their property out during the rest of the year.\" This, of course, is eminently viable since Cape Verde has year-round sunshine and no hurricane season like some tropical locations. Then, she noted, there was another kind of investor, one more deeply immersed in the tourist economy through the commercial sector: \"Permanent newcomers who stay in Cape Verde tend to be those looking to set up businesses normally aimed at the growing tourism market; for example water sports centres, bars and restaurants.\" Either way, she suggested, investors should be looking for five to ten-year investments, advice which may dispel any notion that the exciting developments in the country mean it is a get-rich quick destination. Speaking of the archipelago\'s status as a Cape Verde property hotspot, the 2007 Global Property Guide noted that the prospects are nonetheless good ones. It pointed out that official government figures have shown a 25 per cent annual rate of increase in tourism, meaning that from 67,000 arrivals in 2000 the number rose to 183,000 in 2005. Moreover, it added, when all the airports and infrastructure are in place the annual number of tourists is anticipated to climb to 500,000. If there is any doubt that the funding for such expansion is available, news this week would suggest it is not warranted. Macauhub reported that the World Bank provided €6.5 million (£5.16 million) to support the country\'s budget. It seems the world wants Cape Verde to succeed and as long as it does the returns for investors should be healthy ones.
2022
