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Cape Verde - Property Prices |
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Reasons to invest…
The island of Sal is in its infancy in terms of tourism, and any return on investment will be underpinned by the huge increase in tourist interest in the Islands once all
of the planned developments and infrastructure is in place.
Investors now have the opportunity to buy property in Cape Verde at a fraction
of the price that is expected once the tourist industry is fully developed.
Capital appreciation in Cape Verde is currently running at around 20% per annum and the huge inward investment in new projects currently underway practically guarantees the continuation of strong capital appreciation.
The time to purchase an investment property in Cape Verde is now. At the moment there is a lot of development taking place in Cape Verde, and as soon as Cape Verde becomes more well known and the potential for investors is realised then prices are set to increase.
Government Developments
The government in Cape Verde is currently implementing a new National Development Plan ( NDP ) in order to develop a thriving tourist industry in the
islands as this is seen as a potentially huge growth area for the islands.
Its main
aim is to improve the infrastructure of the islands in order to make it into a top
class tourist destination including air, maritime, inter-island, road, communication, banking, health provision, electricity, water and sanitation provision.
The Tourist Industry
The number of tourists visiting Cape Verde during the first half of 2005 grew by 8.6% in comparison to the same period in 2004, according to figures from the National Statistics Institute. The islands are set to become as popular as the
Canary Islands, if not more popular because of its favourable climate.
Sal is the island currently attracting most tourists with 66.7% of all hotel visitors.
Tourism has for several years been Cape Verdes main economic activity and current trends indicate that the sector will continue to expand considering the numerous projects underway in the islands at the moment.
The main international airport is loacated in Sal, however significantly a second international airport opened in the island of Santiago at the end of 2005, showing a bright future for the inevitable growth of the tourism industry on the islands and again suggests significant return on investments for people who purchase early. There is also an " Open Skies " policy which allows other airlines in addition to the Cape Verde national airline TACV, fly to Cape Verde, leaving room for competition and competitive air fares.
Exchange Rate
The exchange rate value of the Cape Verde Escudo is fixed to the Euro ( 1 Euro = 110.265CVEsc ). This has great benefits and is seen by many as the first step to adopting the Euro. At the moment almost all businesses accept the Euro side by side with the CVEsc.
Proximity to Europe
Flights to Cape Verde take approx 5.5 hours from Paris or 3.5 hours from Lisbon. Cape Verde is just one hour behind GMT. Direct flights from Manchester start in March 2006, and there are currently talks being initiated to provide direct flights from Ireland. |
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