Winds of Change in Cape Verde

With developments going up fast, particularly on the busy island of Sal and around Praia on Santiago Island, the Cape Verde Islands are witnessing rapid change both in appearance and economic status.  In fact they are currently tipped to undergo a similar kind of metamorphosis experienced in the Canary Islands some thirty years ago.

Nevertheless the past six to eight months do seem to have seen a relative calm on the Islands in terms of investment opportunities in quality new developments on prime locations.  Fortunately this situation is about to change as investors await the launch of four superb new projects to be released on the islands of Sal and Sao Vicente over the next few months.  One such project, now at launch stage, is Dunas Beach Resort, offering front line beach or golf properties and all the luxury on-site facilities to be expected of any modern golf and leisure resort today, including a spectacular commercial centre, luxury spa, communal pools and gymnasium.

As most savvy investors are aware, Cape Verde is the nearest Tropical destination for Northern Europeans and, at mere 5.5 hours budget flight from London, it sits on the brink of a heyday both as a tourist destination and as a property investment hotspot.  According to official figures, visitors to Cape Verde are growing at a rate of 22% per annum, with over one million per year expected by 2015.  Euromonitor global travel and tourism manager Caroline Bremner told TravelMole: "Tourism has become one of the world’s biggest and fastest growing industries, with global visitor numbers growing by 16% over 2004 and 2005 to reach 118.6 million. As a result, towns, cities and regions are welcoming a huge new influx of tourists and have begun to aggressively market their natural and historical attributes in order to encourage visitors."   Many other new facilities are also being established; for example a Macau businessman, David Chow, is investing over $100m in a casino and hotel complex in the capital city of Praia. 

Increased tourism investment into Cape Verde’s economy has brought with it a new wave of businesses, all seeking top quality commercial and residential accommodation.  With new investment projects worth over £150 million currently underway and more overseas property investors than ever before, flights to Cape Verde are constantly on the increase.  These extra services have prompted savvy investors to look at the Islands’ great potential for wise moves into property and tourism in Cape Verde.  Those investors who bought only 24 months ago have already seen price increases of some 70% in some locations, a fact which, in itself, is a great indicator of what is still to come while economic development is by no means over.

Due to increased economic activity, Cape Verde now celebrates a matching decline in unemployment along with far higher standards of living than ever experienced on the Islands.  Recent improvements to the infrastructure and utilities are key areas which Cape Verde has been developing, bringing about vast improvements to islanders’ daily lives. For example, in 2000 only 68% of households had electricity while today over 90% are connected to mains power.  Other services such as running water, waste and sewage disposal are now widely available as the country swiftly moves on with modern times to become one of the world’s top tourist and investment locations. 

So the winds of change are still blowing strong in Cape Verde and its sails are filled towards its final destination of success.  Many investors are eagerly jumping aboard in order to reap the rewards that emerging Cape Verde offers today.