Real Estate & Economic News in Cape Verde from Propertyshowrooms.com

Cape Verde 'prospers' in the current economic climate

Mon, 18 Jan 2010 00:00:00 GMT

Investing in Cape Verde is "wise" in the current economic climate, it has been claimed.

According to the Daily Mail, one of the UK's leading newspapers, investors who recognised the potential of the archipelago a few years ago are now enjoying the benefits of the island's rising popularity.

The paper reported that Cape Verde has seen a 22 per cent rise in tourism compared with the previous year, with new airports and ferry services likely to increase this figure further in the future.

Paul Akwei, director of Noscasa estate agency, said in an interview with the news provider: "The recession came at the right time to save Cape Verde from being ruined."

"Some developments were shelved, but the better ones went ahead and the government has continued to invest in infrastructure to help the islands through the downturn."

It was revealed last month that Cape Verde was to be the sole nation to benefit from funding by the American government.

Good governance, economic development and human rights were given as the reasons for the boost.

Cape Verde tipped for property boost

Thu, 29 Oct 2009 00:00:00 GMT

Cape Verde's property sector could see a major boost from the tourist industry thanks to the launch of a new inter-island ferry service.

Until now the one way to get swiftly from one island to another in the archipelago has been by air and chief executive of real estate firm Norcasa Paul Akwei said the move could have a major impact.

He stated: "This is a huge opportunity for the prosperity of Cape Verde and for anyone with invested interests in the islands, such as property."

Mr Akwei said it would make travel cheaper and could open up the country more to the under-25s market, particularly as there are activities available like hiking, fishing and kite-surfing.

Cape Verde has already received one potential boost to its tourism earlier this year, when its first ever capital city was declared a UNESCO World Heritage site.

The title was given to Cidade Velha, which lies south of the current capital, Praia.

Cape Verde property recovery noted by IMF

Tue, 6 Oct 2009 00:00:00 GMT

A recovery in homebuilding has been noted by the International Monetary Fund (IMF), following a mission by the body to the country.

The IMF report following the recent visit to the archipelago said: "Foreign direct investment has stabilised and construction on several private investment projects has resumed."

It praised the policies of the country's government and said that it is showing solid signs of recovery from the effects of the world economic slowdown.

The nation has also been "weathering the global economic crisis from a position of strength", the IMF declared.

Such a situation may encourage those thinking of buying property in Cape Verde.

Last month, the country was praised as a good place to invest by sales director at investment consultancy Emerging Real Estate Robert Medd.

He stated that "now is a good time to buy" in the country, noting that it is possible to get a beachside property for around EUR104,000 (GBP95,000).

Confidence tipped as central to property market

Wed, 16 Sep 2009 00:00:00 GMT

An improvement in confidence is being seen in the world property market and this is vital for it to recover, the editor of a property magazine has said.

Paul Collins of BuyAssociation said there are some signs of such sentiment emerging among UK investors and added this "hopefully will lead to more Brits feeling confident enough to buy overseas again and get back on the overseas property market."

Stimulus packages being put in place by various governments around the world have helped to bring about some of the recovery noted in the recent Knight Frank global house prices survey for the second quarter of 2009, he suggested.

One country that may interest buyers is Cape Verde, which property firm Assetz said has one of the largest undersupplies of property in the world as its tourism sector booms.

The company suggested that those investing there could make substantial medium to long-term gains.

Cape Verde port expansion announced

Tue, 28 Jul 2009 00:00:00 GMT

Cape Verde's government has announced a major expansion programme for a port on one of its main islands, something that could boost the tourist property market there.

Minister for infrastructures, transport and telecommunications Manuel Inocencio said that the Porto da Palmeira on the island of Sal is to be expanded at a cost of EUR50 million (GBP43 million), with the initial phase costing EUR19 million, Macauhub reports.

Such an investment follows a similar programme at the port of Praia, the national capital, Mr Inocencio added, with other islands to follow as part of a 20-25 year development programme.

The project may help increase cruise traffic to Sal, boosting its holiday destination profile and thus benefiting those investing in tourist property there.

In the shorter term, the government of the archipelago is currently in negotiations with banks to gain extra support for the property development sector in the country, Afrol.com reports.

Unesco heritage award 'would boost Cape Verde'

Tue, 23 Jun 2009 00:00:00 GMT

Cape Verde's property and tourism markets would be boosted by the award of Unesco world heritage status to a candidate site on the island of Santiago, it has been stated.

The country's first capital - Cidade Velha - is on the list of candidate sites to be considered by the United Nations body, Afrol.com reported earlier this month.

Commenting on the effect this would have on the island, sales executive at Cape Verde Property David Endersey said: "Anything like that will help. Anything like that if they get a Unesco thing, or a World Heritage centre, anything like that is bound to encourage tourism to a certain extent."

Such a development may embolden those interested in buy-to-let for tourist rental purposes.

The elevation of Cidade Velha - which is now an uninhabited ruin but was the capital from 1462 to 1770 - would put it on a par with sites on the Unesco list such as the Taj Mahal, Sydney Opera House and Stonehenge.

Cape Verde economic strength hailed

Mon, 20 Apr 2009 00:00:00 GMT

The economic strength of Cape Verde has been hailed in a report out this week from the International Monetary Fund (IMF).

In an announcement in the capital Praia, the IMF said the state of the country's economy is a robust one that is standing up well to the challenges of the world downturn.

The body, which had just concluded a mission to the country, said: "Cape Verde's economic and policy performance remains strong and so far the impact of global shocks remain manageable thanks to sizable buffers built in recent years through prudent macroeconomic management."

It went on to back measures taken by the Cape Verdean government to stimulate the economy.

Such an endorsement may encourage those thinking of investing in Cape Verdean property.

Cape Verde's property market is linked to tourism, which new figures have suggested saw an increase in 2008.

The total of visitors making overnight hotel bookings in the archipelago was six per cent up on 2007 at 333,345, according to figures from the National Statistic Institute, Macauhub Reports.

Emerging markets 'promoted by property exhibitions'

Sat, 2 Aug 2008 00:00:00 GMT

Live property exhibitions have helped to fuel interest in emerging markets among UK-based property buyers, according to an expert.

Darren Styles, chief executive of A Place in the Sun Live, stated that less-established locations across the world have been heavily promoted at live events.

As a result, more and more people have become aware of the potential they offer, triggering additional interest in the market.

Mr Styles highlighted Cape Verde as an example of one country which has benefited from this development.

Indeed, the west African archipelago was recently as the tenth-most popular investment market among Britons by A Place in the Sun magazine.

Mr Styles commented: "We've broken whole new destinations - Cape Verde, for instance - and delivered a broad, multi-layered exhibition that has brought in thousands of new buyers from the mass market."

He added that the A Place in the Sun brand has "championed" the virtues of foreign property ownership to a very wide audience.

Cape Verde tipped for more growth

Thu, 17 Jul 2008 00:00:00 GMT

Cape Verde is set to see more property market growth as a result of its World Trade Association (WTO) membership and the increasing number of direct flights, it has been suggested...

Cape Verde property market and infrastructure to benefit from joining the WTO

Tue, 15 Jul 2008 00:00:00 GMT

Cape Verde's property market is set to benefit when the country becomes a member of the World Trade Organisation (WTO). Cape Verde will join the WTO later this month, which is expected to lead to further growth in the property sector.

Cape Verde will join the WTO on July 23rd. Pascal Lamy, director-general of the WTO, said of the accession: "WTO membership will enable Cape Verde to participate more fully in the global economy and will provide the country with a predictable and stable basis for growth and development."

The boost to Cape Verde's economy will in turn benefit the property market, according to John Farrelly of London International Property: "I think this can only help....There are a lot of opportunities for investors and that's why a lot of people have got in quite early."

Investment is already being made in Cape Verde's infrastructure; the port of Praia is to be modernised and expanded, according to the Millennium Challenge Account - Cape Verde Management Unit (MCA-CV). The project will be only the second country in the world to benefit from US-based MCA funding, according to news agency Macahub. In total, Cape Verde has been granted $110m for infrastructure projects, and work is to begin on the port next October.

This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.

Trade boost for Cape Verde

Sun, 13 Jul 2008 00:00:00 GMT

The economic development of Cape Verde, one of the fastest growing emerging property markets, takes a step forward later this month when the country become a member of the World Trade Organisation...

Cape Verde to join WTO

Thu, 3 Jul 2008 00:00:00 GMT

Cape Verde will become a full member of the World Trade Organisation later this month, it has been confirmed.

The west African archipelago will become the 153rd member of the body now that it has met its various entry requirements.

According to NuBricks.com, this could potentially be good news for overseas property investors who own a residence in the country.

Chintan Mahida, property editor at the site, commented: "The Cape Verde government has demonstrated its ability to bring its trade and economic policies up to standard."

She described the move as "yet another feather" in the country's cap which could help reinforce its investment credentials.

According to the Organisation of Economic Cooperation and Development, Cape Verde's economy grew by 6.6 per cent last year.

Figures cited by MacauHub show that it is expecting this rate of growth to increase to 7.6 per cent in 2008.

Cape Verde sees economic growth

Thu, 6 Mar 2008 00:00:00 GMT

A global body has recorded a positive rate of growth in Cape Verde's economy, according to a media report.

MacauHub stated that the International Monetary Fund (IMF) considers the country's recent performance as "satisfactory".

A representative of the organisation stated that Cape Verde has met its fiscal targets and that the outlook for the future is favourable.

The verdict was revealed after an IMF delegation met with members of Cape Verde's finance and public administration ministry.

Earlier this year, the organisation predicted that the west African archipelago would see economic growth of 7.75 per cent.

This was said to largely driven by the development of its tourist sector, as well as investment in the country's public infrastructure.

The IMF's comments could help to encourage overseas investors to consider property in Cape Verde as a possible market in which to tie up their money.

In recent years, the islands have attracted numerous forms of investment from abroad, particularly in its real estate market.

Cape Verde offers stable economy

Mon, 3 Mar 2008 00:00:00 GMT

Cape Verde's economic stability could help make it a good place for overseas property investors to consider, an expert has suggested.

Simon Conn, sales and marketing director at Conti Financial Services, told the Independent that the status of the country's economy made it a "good bet" for foreign buyers.

Speaking to the newspaper, he added that its favourable performance was underpinned by its political stability.

This means that any investment in Cape Verde is likely to be much safer and more secure than in some other emerging property markets.

Mr Conn went on to praise other positive attributes of the country, such as its good weather.

He stated that year-round temperatures were - on average - more than three degrees warmer than those in Spain's Canary Islands.

This comes after the country was highlighted by TUI Travel as a particularly popular destination with British leisure travellers this year.

Cape Verde's competitiveness 'to be increased'

Wed, 27 Feb 2008 00:00:00 GMT

Cape Verde's competitiveness could be in for a boost following the launch of a new scheme, which may interest those considering overseas property investment in the country.

Macauhub reports that the United Nations Industrial Development Program has established the Quality for West Africa programme in order to integrate Cape Verde into the world economy.

Those considering an investment in the country may be aware that it joined the World Trade Organisation recently. The BBC also indicates that the nation's tourism continues to grow.

Jose Brito, Cape Verde's minister for the economy, growth and competition, said: "There is a tendency these days, to standardise products in terms of quality and for Cape Verde to win that battle of competitiveness and be able to export, we have to meet those standards."

Lonely Planet describes Cape Verde as having "pleasant" weather throughout the year, which may prove to be an attraction for people looking to invest in property outside of the UK.

Cape Verde Investors to Benefit from Growing Economy

Wed, 30 Jan 2008 00:00:00 GMT

The investment potential of Cape Verde is set to be boosted by further economic growth, according to experts.

Estimates from the International Monetary Fund (IMF) suggest that the country's gross domestic product will go up by 7.7 per cent this year, reports MacauHub.

The organisation has already estimated that the overall figure for 2007 will come to 6.9 per cent, which means the speed of economic growth in Cape Verde could be set to increase.

This could potentially enhance the appeal of the west African archipelago among overseas property buyers, as it is a sign of an expanding and thriving market.

Cape Verde has already become popular in recent years because of its many natural attractions, such as its attractive scenery, beaches and consistently good weather.

Earlier this month, Cape Verde was praised by Paul Collins of the BuyAssociation website for offering both a growing housing market and tourist sector.

He said this made the country an ideal place in which to invest in property.

Cape Verde 'benefits from tourism'

Wed, 10 Oct 2007 00:00:00 GMT

The west African archipelago of Cape Verde is strongly benefiting from the growth of tourism, the country's prime minister has said.

Jose Maria Neves stated that during every year since 2002, the islands' economy grew at a rate of about 20 per cent, reports Travel Daily News.

This was attributed to the growing popularity of Cape Verde as a tourist destination, as it has resulted in both visitors and foreign investors putting money into the local economy.

Speaking at an annual meeting of the Africa Travel Association in New York, Mr Neves said this would help the economy to expand and grow.

He described the tourist sector as "the main engine of growth and transformation" on the Cape Verde islands.

Mr Neves' comments come ahead of the launch of new flights by the islands' national carrier TACV, which is offering direct passage to and from London.

The carrier will service both Sal and Praia and begin flying at the end of this month.

Developments in Cape Verde Tourism

Thu, 10 Aug 2006 00:00:00 GMT

According to figures from Cape Verde’s national statistics institute (macauhub), Cape Verde's hotels welcomed 233,000 tourists last year, 26.4 per cent more than during the previous year, with Sal Island becoming even more popular as the main tourist hub of the islands.

Foreign direct investment (FDI) in Cape Verde last year also focused on the tourist economy, investing a total of US$250 million into the sector.

This month, measures have been drawn up by the Directorate-General for Tourism Development in Cape Verde to create a Code of Conduct to establish sustainable tourism. This will be presented on 27 September 2006 on World Tourism Day. The Code of Conduct will define objectives for managing resources and establishing competitiveness within the tourism sector. Included in these proposals are measures for saving and re-using water, managing power resources, implementing renewable energy as well as optimising environmental resources and waste treatment methods.

This development in the tourism sector is now key to the strength of Cape Verde’s growing economy today. While a healthy tourist market is vital for property investment in many emerging markets such as Cape Verde, all indications show Cape Verde still represents a good investment in a booming market.

Developments in Cape Verde Tourism

Wed, 9 Aug 2006 00:00:00 GMT

The tourism sector is now one of Cape Verde’s driving economic forces, having witnessed some impressive growth in recent years. According to figures from Cape Verde’s national statistics institute (macauhub), Cape Verde's hotels welcomed 233,000 tourists last year, 26.4 per cent more than in the previous year, with Sal Island becoming even more popular as the main tourist hub of the islands.

Tourism was also the main focus of foreign direct investment (FDI) in Cape Verde last year, reaching a total of US$250 million.

This month, measures have been drawn up by the Directorate-General for Tourism Development in Cape Verde to create a Code of Conduct for Sustainable Tourism, which will be presented on 27 September on World Tourism Day. They will define objectives for managing resources and competitiveness within the tourism sector.
Amongst these proposals are measures for saving and re-using water, managing power resources, implementing renewable energy and optimising environmental resources and waste treatment methods.

Wall Street Journal and Heritage Foundation rank Cape Verde’s economy among 50 freest in world

Mon, 16 Jan 2006 00:00:00 GMT

Cape Verde has been ranked Africa’s number two country in terms of economic freedom, following Botswana, by the Wall Street Journal and the Heritage Foundation. Cape Verde was also considered to have one of the 50 freest economies in the world.
Cape Verde has just been classified among the fifty countries with the highest level of economic freedom in the world, according to an evaluation by the Wall Street Journal and the Heritage Foundation in the United States. The two entities report annually on the progress of economic freedom in the world, using an international index that takes into account countries’ tax and fiscal systems, the regulation of their banking systems, their monetary policies, the state of law and other useful information.
Sub-Saharan Africa presents only five well-classified countries: Botswana, Cape Verde, South Africa, Madagascar and Uganda. In 2006, Cape Verde ranks second among these countries, a considerable jump in relation to the 23rd position it occupied in 2001.
On a world-wide level, Cape Verde leapt from 110th place in 2001 to 46th place in 2006, in a universe of 161 countries ranked, coming in slightly behind countries like France and Italy and in front of countries such as Greece, brazil, Mexico, South Africa, Argentina, Kuwait, Morocco, Tunisia and Paraguay.
The Wall Street Journal’s economic freedom índex, created some 12 years ago, has become in a highly respected source of information for investors, executives, politicians and scholars.
Article Source: A Semana Online

Cape Verde debates on "euroisation" of economy

Wed, 5 Oct 2005 00:00:00 GMT

The Bank of Cape Verde is to promote an internal debate tomorrow on the possible euroisation of the Cape Verdean economy. The current Cape Verdean government has shown large interest in deepening ties with the European Union (EU), even promoting a possible EU membership. The basis of the discussion at the Cape Verdean central bank is a document elaborated by economist Vasco Marta, the contents of which are, for the time being, relatively unknown, even within the central bank itself. Eight Bank of Cape Verde officials will participate tomorrow in an internal debate promoted by the important institution's administrative council aimed at analysing the advantages and disadvantages of the possible euroisation of the Cape Verdean economy. "The decision is a political one and belongs to the government," but the Bank of Cape Verde, according to a source speaking to A Semana, should be prepared to issue its opinion when consulted. One difficulty that has already been identified and could serve as an impediment to the euroisation of the economy is the insufficiency of reserves for the operation in which Cape Verde escudos would be exchanged for euros should the European currency replace the Cape Verdean denomination. Cape Verde's foreign currency reserves currently stand at 13 million euros, but 7 million more would be needed in order to "guarantee" the exchange operation, sources at the Bank indicated. Another possibility to be discussed tomorrow is the circulation within the economy of both currencies, the escudo and the euro. In any case, whatever decision is eventually adopted by Cape Verde's political authorities, it will not, alerts an economist, be "a master key that will solve all of the economy's problems." The Praia government of socialist Prime Minister José Maria Neves has led a strong and visible policy towards integration into the EU. He has won support by leading politicians of the former colonial power, Portugal, for a full Cape Verdean membership in the Union. By A Semana & afrol News staff

Cape Verdes economy gets positive rating in US

Sun, 23 Jan 2005 00:00:00 GMT

Cape Verde is the second sub-Saharan country behind Botswana to enjoy economic freedom according to a survey conducted by the Wall Street Journal and Heritage Foundation of the United States, sources at the ministry of finance and planning in Praia said. The "economic freedom" indicator formulated by the Wall Street Journal and the US institution is based on factors that influence growth along with institutional management, the sources indicated on Tuesday. It seeks to establish a positive relationship between economic freedom and prosperity, and also constitutes a reference indicator as well as major source of information for investors, political leaders and academics. According to the rating in Africa, Cape Verde belongs to a limited group of five "most economically free" countries that also includes Botswana, South Africa, Madagascar and Uganda. At world level, Cape Verde improved its position from 110th in 2001 to 46th out of 161 countries in 2006. Source: Angola Press