Cape Verde - a potential home away from home

If you're looking to invest in property in a country with a tropical climate but only a few hours away from the UK, you may need to look no further than Cape Verde. Currently properties are cheap and facilities limited, but a long-term development plan looks set to see the islands' popularity grow and prices increase accordingly. Following a mention in Channel 4's A Place in the Sun as one of the top 20 overseas destinations last year, Cape Verde's popularity continues to grow with holiday home owners and property investors alike.

An archipelago made up of 10 islands in the Atlantic Ocean, Cape Verde is a former Portuguese colony which gained independence in 1975, and has a culture reflecting its mixed African and Portuguese routes. Located 500kn from Senegal on Africas West Coast, direct flights from the UK take about five-and-a-half hours.

Keith and Kate Pulver bought two off-plan properties on the island of Sal through MRI Overseas Property. They paid 73,000 euros for a one-bedroom apartment and 55,000 euros for a studio. The properties are due for completion in 2008. Keith says, "There's potential for growth in Cape Verde as at the moment there is pretty much nothing there - it's like a desert island with pockets of population dotted around towns. The waters are clear and it's beautiful with all year round sunshine. There are also lots of activities like wind-surfing."

Sal is currently Cape Verde's main tourist island. It is home to one of Cape Verde's two international airports, located in the heart of the island. There are a growing number of new hotel developments, restaurants, night clubs and retail outlets on the island. The main resorts are located in Santa Maria which has an 8 km beach. Wind-surfing enthusiasts rate is as one of the top five windsurfing locations in the world and it's visited by kite-surfers too.

New direct flights launched

Astraeus Airlines launched its weekly direct flight from Gatwick and Manchester to Sal Island on 2 November, with Cape Verde-based TAVC Airlines offering an alternative route between Birmingham and the capital Praia on Santiago Island. Up until now, travellers to Cape Verde have had to fly via Amsterdam or Lisbon but can now get there in under six hours.

Real estate agent Noscasa has the largest database of properties and land on the island and is keen to exploit Cape Verde's potential.

22 November 2006 © Moneyextra.com

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