Cape Verde: Property Hot Spot
Cape Verde Islands, an archipelago of ten islands and eight islands off the west coast of Africa, is now a property hot spot.
Each Cape Verde islands and island offers a surely enjoy any traveler – mountains, plains, lush, and dry (except in August, September and October). Not to mention, the beaches are spectacular! And although tourism has encouraged the development of the islands, a perfect beauty intact for a get-away.
Tourism in the islands has been growing at a breakneck pace of 25% annually over the past five years. Tourist arrivals increased from 67 000 in 2000-183000 in 2005, according to Minister of Economy, Growth and Competitiveness. The number of tourists is expected to reach 500,000 once all new airports and infrastructure are in place.
A former Portuguese colony, Cape Verde maintains close ties with Portugal and the euro area.
It has white sandy beaches, mountains, and snorkeling sites. However, property remains relatively cheap. A building boom is taking place, as developers anticipate interest. Infrastructure is currently being developed and updated.
Foreigners can freely purchase residential property. Real estate transactions are made in the national currency, the Cape Verde escudo (CVE). However, most new developments are in euros or British pounds either. The shield is tied to the euro in CVE 110.265 = 1 Euro.
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Tags: Cape Verde Islands, Real estate, residential property
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