RESIDENTIALsales
ape Verde (CV) is an CV in 2006, arrived with fifteen years of
C
archipelago of ten volcanic experience in the UK property market.
islands and islets scattered off “I realised the numbers no longer stacked
the west coast of Africa. up in the UK and also wanted to live and
A former Portuguese colony, work by the beach,” says Paul, who grew up
it gained independence in in Togo and Nigeria before going to
1975. With year-round sunshine, white boarding school outside Oxford. “I fondly
sandy beaches and a Creole culture, it’s remember the tranquillity there and large
been affectionately dubbed the ‘new family suppers by the sea. I was in search of
Carribean’ since the government turned its that closer to Europe so looked at
attention to tourism in the early 1990s. Morocco, Mozambique and CV.
Opening up in Noscasa
Government reforms have done much to CV was ideal with no religious conflicts,
welcome foreign investment here so proximity to family in England and the
in 2006 was a much
economic growth remains stable. Czech Republic, year round weather of
greater risk than today.
Whilst Cape Verde remains a potentially 25°C – and no rain!”
golden investment opportunity it is very Like any investor, Paul did not take the In recent years, three
much still a ‘developing’ region so decision to plough everything into CV
economists advise property investors to lightly – Noscasa was established after
further international
follow a long-term investment strategy. three years of research. “It was based on
airports have opened.’
According to property development the rise in tourist numbers targeted by the
company Aston Lloyd, “The main government as well as price comparisons PAUL AKWEI, NOSCASA
concerns involving investing in CV relate with the south coast of Spain and the
to the republic still being in the early stages Canaries. I made numerous visits to the and although values have declined in
of the development process, making it islands, where I met with Government recent months, today it is still worth
difficult for investors to comfortably officials, read IMF, World Bank and CIA €250,000.” Paul and his wife Alena, choose
assume high returns.” The company also reports and spent hours talking with every to live in Santa Maria on Sal island which,
cites concerns in that there is little public Cape Verdean I came across – from taxi along with Boa Vista, is where the majority
transport available, few locals can afford to drivers to barmen, doctors and real estate of tourist development is taking place.
buy property, re-selling can prove difficult investors. Back in 2006 I felt we could see
and it may take considerable time for close to 20 per cent rises in property values EU, IMF AND WORLD BANK FUNDING
industry to develop here. per annum and this certainly occurred. Whilst the risk of investment remains
A few years ago, a well located front line relatively high CV is one of the biggest
WORLD’S FOURTH BEST DESTINATION plot in Santa Maria would have sold for receivers of foreign aid in the world and
However, whilst the cost of flights from €100,000. The price rocketed to €290,000 financial aid from the EU, IMF and World
Europe remains high, the development of Bank has been used to fund significant
international airports on the islands has infrastructure developments. Although the
facilitated significant growth in tourism global downturn is likely to deter foreign
which is increasing at 22 per cent per year. investment in countries outside the EU, as
The National Statistics Institute suggests EU countries focus on growth internally
that by 2015, around one million tourists first, the Deputy Managing Director of the
will be visiting the islands and planned IMF, Marilo Portugal, recently applauded
resorts on the main tourist islands of Sal CV’s 2009 budget saying, “Cape Verde’s
and Boa Vista will occupy 17 per cent and
15 per cent of the islands’ surfaces.
Tourism is expected to contribute 32.1 per
cent of GDP by 2018 (World Travel &
Tourism Council, 2009) and although it’s
questionable what proportion of the
‘tourists’ are in fact investors on inspection
visits, Expedia customers have voted Cape
Verde fourth best destination in the world
again this year, placing it firmly in its top
ten list of holiday destinations.
Estate agents and developers have been
quick to leverage the opportunities in this
emerging market and whilst some have
chosen to buy off-plan, others have left the
UK to actually live and work on the islands
permanently. Paul Akwei is Managing
Director of Noscasa, one of Cape Verde’s
leading estate agents and having moved to
PROPERTYdrum JULY-AUGUST 2009 39
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76