RESIDENTIALsales
prudent economic management in recent
years is now paying dividends, putting the
country in a position of strength to face the
current global economic challenges.” Paul
Akwei adds, “Based on the level of Chinese,
Middle Eastern, USA and European
Government investments made in recent
years, any decrease [in investment] will not
be significant enough to cause concern.
The democratic government here is
doing much to capitalise on CV’s strong
location in the middle of mid-Atlantic air
and sea lanes and it’s significant that the
islands were granted ascension into the
World Trade Organisation last July. Further
development of the islands has also been
aided by the introduction of anti money
laundering reforms and a Financial
Intelligence Unit established in 2008. GDP
has been steadily growing since 2004 and
whilst public and corporate tax cuts are
being put in place to boost the economy,
business registration has been simplified. FINANCIAL SERVICES SUPPORT
“There were no delays in registration that Rob is firmly grounded in the belief that,
I wouldn’t have expected anywhere else in “Success is achieved when the client takes
the world,” says Paul Akwei. precedence over capitalism. Buying off-
“Looking back I would say opening plan is a trust issue,” he explains. His vast
Noscasa in 2006 was a much greater risk experience, which stems from a solid
than today. In recent years, three further known, along with Century 21, as the only background in banking, led him to
international airports have opened, the local real estate agency in the area. It’s vital establish a financial services business and
Cape Verde Investment Bureau has been investors use established professionals here act for investors looking to purchase
set up to attract more foreign investment, because as Paul explains, “The islands have overseas. “Back then were selling a lot of
the foreign investor tax status has been a good reputation for the majority [but] as properties but didn’t know much about the
initiated and infrastructure now includes well as many overseas property agents like developers. I wondered how to take that
ring roads, new dams and local MRI there are agents in disguise as problem away and the only answer was to
canalisation.” property portals or travel agents. There has become the developer.”
Having started trading out of one office been misleading marketing that has led Having developed successfully in Spain
in Sal, Noscasa now has branches in some visitors to believe the islands were and gone on to sell one of Donald Trump’s
Santiago, Boa Vista and Mindelo and is more developed than they were. Buyers infamous towers, Rob had no hesitation in
and investors need to get the best purchasing beach-front land in CV
independent advice and we are very well because he says, “It will never be another
positioned to provide it.” Canaries. No developer will be given
Chairman of The Resort Group plc, Rob dispensation to build a monstrosity by the
Jarrett, has also done much to counter the beach so nothing in the front line will be
issue of ‘trust’ facing foreign investors to overdeveloped. Low building density is
CV. Many have been put off by evidence of required and with Tortuga and Dunas
poor build quality, stories of developers having land occupancy of 25 per cent and
stealing sand from the beaches and 20 per cent respectively, this is very low.”
flat-packed kitchens in low-standard new- The Resort Group expects market
builds so the Group entered the market growth at Ponta Preta to deliver 25 per
Success is achieved
to develop the finest quality residential cent growth in capital value over the two
when the client
developments in Cape Verde. Tortuga years from purchase to build and a nine
Beach Resort & Spa is currently under per cent yield from year two based on a
takes precedence
construction next to Ponta Preta Beach, prudent 68 per cent occupancy level.
near Santa Maria in Sal. Having purchased The key, according to Rob, is that
over capitalism. the land in 2006 the resort’s 358 properties everything is done with quality in mind.
Buying off-plan is
are already 100 per cent sold. The Group “Whereas other developments fail to
currently has just 40 per cent left to sell at achieve effective flow between the hotel,
a trust issue.’
its nearby Dunas Beach Resort, which was restaurants, bars and apartments, we’re
launched simultaneously and has a third ensuring there are central focus points
ROB JARRETT, THE RESORT GROUP PLC project located between the two. throughout the resort as well as a high-end
40 JULY-AUGUST 2009 PROPERTYdrum
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