Invest in an archipelago - Cape Verde

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by Gill Montia

Cape Verde, the West African archipelago, is tipped as still having considerable property investment potential.

The region is experiencing strong economic growth, with the International Monetary Fund predicting that the country’s gross domestic product will increase 7.7% in 2008.

The former Portuguese colony comprises ten islands and five islets, all but three of which are mountainous. It has many natural attractions and consistently good weather.

Marine life is rich, and Cape Verde is recognised as an important nesting site for loggerhead turtles. Humpback whales also feed in the islands’ waters.

The islands’ inhabitants enjoy a per capita income that is higher than that of many African nations and tourism is on the rise.

Sal is the most developed of the Cape Verde islands in terms of tourism and its capital, Santa Maria, is regarded as an emerging market for property investors.

Amenities are good and two-bedroomed apartments are available for around €60,000.

Purchases can be funded with a Cape Verdean mortgages, although rates tend to be higher than in the UK.

International airports are situated on Sal and Santiago. From the UK, the flight is just over five hours in duration.