Cape Verde

Re: Investment in Cape Verde Islands

Eddie Hobbs said:
Cape Verde is an attractive property purchase location, where you can get a two or three bed villa on the beach for €100 to €120,000.
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Doesn't that make €100K for a two-bed apartment sound a little ...inflated?
 
Re: Investment in Cape Verde Islands

Try googling cape verde

There are a few developers and their webistes seem to carry a lot of information

[broken link removed]

Have a number of developements and have all the price lists on view, about 12
Not sure if these are actual prices but it could give you a feel for the market
They are based in the UK, so you should give them a call and plague them with questions
I'm not related to them or promoting them
But you could use them to find out what you want

I would mostly be concerned about buying on the right island

To do that you may need to visit but it will come down to the local planning regulations as to which island becomes developed quickest

Although looking at a map of the islands if there is/will be a decent ferry service this may not be a major issue

I'd also check out which airlines are flying there or if there are any others with planned routes

Depending on availibility/price of flights it may well be a nice holiday home irrespective of rental income, at the prices being quoted

[email protected]
 
Re: Investment in Cape Verde Islands

angie said:
Just for tuppence worth am just back from Tenerife and was reading the property mags and the estate agents brochures there and all of them are starting to mention cape Verde. As you say seems to be the up and coming place but who can predict the future.
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Some might say that once the mags/brochures are promoting the location, it is too late. That's when the savvy investors get out.
 
Re: Investment in Cape Verde Islands

I looked into Cape Verde in January and was quoted eur 71,000 for a 2 bed apt that was about 66m2, I cant remember if it was beachfront or not. There are plans for an international airport, direct flights from London. The local goverment is marketing the islands and enticing foreign investment. From the little research I did - it looked like a good place to invest in. There were talks of it being the next 'canary islands'. As far as I remember it is a fair distance from ireland so it wouldn't be a weekend retreat
 
Re: Investment in Cape Verde Islands

Did a bit of a Google on Cape Verde and wasn't too taken with it.

Flights would be approx 6hrs from the UK (i think)
Climate seems to average 20-24 C year round with the rainy season in August, September & October. With sand storms from the Sahara affecting it regularly.
Beaches look beautiful but are more for windsurfing than bringing your kids to them as the currents are too strong.
Currency can be exchanged but you can't re-convert (except in Portugal i think).
The people generally rely on emmigrated relatives sending money home for survival.

Overall, it seems like the country has a long long way to go before it mirrors the Canary islands, probably at least 10 years. I was interested in the properties at first by the development pages but am now not too sure. Seem overvalued.
May be worth a holiday over there to check out. Maybe not

Here are the links where I got my info from -

http://www.wordtravels.com/Travelguide/Countries/Cape+Verde/Overview

http://www.africaguide.com/country/cverde/info.htm

http://www.state.gov/r/pa/ei/bgn/2835.htm



[broken link removed]
 
Re: Investment in Cape Verde Islands

That's a good suggestion re: getting names of previous investors, although I'm almost certain that this is this developer's first foray into this market. I can check it out, though.
I can also make some local queries on the pedigree of the developer as they are located not too far away from me, it would be interesting to get other investors' experience with them, even if not in Cape Verde
 
Re: Investment in Cape Verde Islands

Is the consensus then that the model of "sun holiday hotspot" and associated capital appreciation seen in The Canaries does not apply to this destination?
 
Re: Investment in Cape Verde Islands

I think the concensus is that you have to do more research!
 
Re: Investment in Cape Verde Islands

I think there was a documentary on Cape Verde on one of the Uk " A place in the sun" or whatever it is called presented by Amanda Lambe about 2 years ago. A UK couple had sold their home and were relocating there and opening a business. Apparently, one island is far more developed than the other one and this was the one with plans for the Airport, etc. It was really being pushed on the UK market at the time as the Canaries before the boom, so it may even be late now to consider buying in.
 
Re: Investment in Cape Verde Islands

Jeremiah said:
Is the consensus then that the model of "sun holiday hotspot" and associated capital appreciation seen in The Canaries does not apply to this destination?
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When is this presentation i would like to attend. If not post as much info as poss please Carlos
 
Re: Investment in Cape Verde Islands

It's half way to Brazil ... getting on for 2 hours further flight time than the Canaries from Northern Europe

There's been an international airport there for many years on the island of Sal ... it's "claim to fame" was always that it is where South African Airways used to refuel on the way to/from Europe during the apartheid era when they weren't allowed to fly over any African countries.

There's international airports in a lot of places - that doesn't automatically make them hot investment spots.

Not making any major judgement here on the quality of the investment etc. but I would have serious reservations about the transport links to/from there in the short/medium term at least - I don't think it's ever going to overtake the canaries in a hurry - being a longer flight, more isolated etc. Also I don't think it's as sunny as the canaries (may be as warm but they don't get as many hours sunshine which I had always though was one of the key advantages of the canaries)

For some more research a good start would be here - http://www.state.gov/r/pa/ei/bgn/2835.htm ... At least compared to some other property "hotspots" it does appear to have a stable democratic system etc.
 
Re: Investment in Cape Verde Islands

Thanks for the link, will check it out. I was of the understanding that it had a better climate, more sunny than The Canaries, but that could be "brochure talk".

I agree with you about the current transport links, I had checked into it and it's very much in a state of early development. These apts I'm thinking of will not be complete until 2008, which will give another two years to progress tourism links. To a great extent, I am looking to get in there before all the transport, facilities etc are in place, which carries its own risks but also possible rewards.

Any opinion on this strategy, assuming an appropriate level of due diligence / research?
 
Re: Investment in Cape Verde Islands

I would say go there.
Have a nice holiday.
Have a chat with local agents and expats if there are any.
Then take it from there.
Would not buy until I knew the feeling onthe ground from locals in the trade.
 
Re: Investment in Cape Verde Islands

Just out of interest... had a look at flights to and from CV next summer

The cheapest for a week's round trip from Dublin is €913 via both London and Lisbon with a journey time of about 11hrs (and that's with short connections in both places ) ... Not exactly €99 each way on Aer Lingus .. you'd have to take this into account too .. the costs of visiting would be very high.

There appears to be one flight a week from Germany (stopping in Gambia) - fares from about €600 round trip ex Frankfurt

There are flights to Paris (very expensive and irregular).. the only city with decent services to there (not cheap though) is Lisbon - for historical reasons I guess the links to here are best.
 
Re: Investment in Cape Verde Islands

6 hours flying seems outside the realm of the low cost airlines; no mass supply of tourists.

Looking on the CIA website, one of its main problems is supply of water, and they can't get from other countries as they are so isolated - this will limit future potential development.

From this I would imagine it will always be a niche market
 
Re: Investment in Cape Verde Islands

There is a forum on caboverde24, which can be found by typing 'Cape verde Forum' into google. Haven't read it in a couple of months but last time around there were a good few locals/residents giving 'on the ground reports' on life on the islands and issues such as transport to and among the islands and obtaining furniture etc.
 
Re: Investment in Cape Verde Islands

Thanks for that - will try the forum to see if any more informed feedback. On the flight time and location, I expect it to improve over the next few years with direct flights etc. I believe it is about 1 hour's flying time south of The Canaries, which is not that inaccessible.
Supply of fresh water is, apparently, a challenge, certainly.
 
Re: Investment in Cape Verde Islands

Jeremiah said:
On the flight time and location, I expect it to improve over the next few years with direct flights etc. I believe it is about 1 hour's flying time south of The Canaries, which is not that inaccessible.
Supply of fresh water is, apparently, a challenge, certainly.
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Why exactly do you expect this to improve? Maybe because the destination becomes more desireable? Do you want your cash to decide if this is the case?

The canaries are already a bit of a stretch. An hour south is an hour more of a stretch. If you can fly to Florida in the same time (for less money) that's your real competition.

No water? Uh oh!
 
Re: Investment in Cape Verde Islands

extopia said:
No water? Uh oh!
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There are many island / coastal countries that don't have a regular / adequate supply of fresh water - they use desalination plants which work quite well, but are costly.

I had a stop-over there on one of the South African Airways flights on a quite humid day, couldn't wait to get back on the plane, but then that was my first taste of humidity - I've since discovered there are a lot of places that are much worse. Could I be the only AAMer to have set foot on Cape Verde soil? :)
 
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