WHY INVEST IN PROPERTY CAPE VERDE?
All of the islands that make up the arquipelago of Cape Verde enjoy a Caribbean style climate with on average 360 days of sunshine per year; in fact many refer to the islands as “the Caribbean without the hurricanes”. The temperature fluctuates between an extremely pleasant 21ºC and 30ºC and receives a refreshing north-easterly sea breeze throughout the year. Sea temperatures are on average between 22ºC and 26ºC.
Climate is and will become a very important factor for tourists and a very good reason to consider a property in Cape Verde
Following on directly from climate is accessibility to Cape Verde, and most European cities now offer direct flights here, and new flights are starting every few months. In 2005, to visit Cape Verde from the UK, involved a rather frustrating stop-off in Lisbon. At time of writing if you wish to visit Cape Verde from the UK you have the option of direct flights from Birmingham, Manchester & London, which on average takes just 5.5 hours.
There are 4 international airports on the islands, and in addition to the European flights, there are many direct connections to the United States and south American countries.
According to the UN Development Programme, Cape Verde has the fourth highest Human Development Index (which takes into consideration factors such as GDP per Capita, life expectancy etc) of all of the African nations. The economy is well managed, and its currency, the Cape Verdean Escudo, has been pegged directly to the Euro since 2001, thus keeping inflation low.
In addition, the archipelago is already complying with most of the EU’s economic stability demands, and most property transactions are performed in the Euro.
The booming property market in Cape Verde is further strengthening the economy.
According to official statistics, tourist arrivals to Cape Verde are continuing to grow at an average rate of 22% on annum, and projections are that by 2022, one million tourists will visit annually (from as low as 83,000 in the year 2000). Naturally, all of the major hotel chains have either built hotels, bought plots or are tendering; including Riu (with 4 hotels already open), Hilton, Sheriton & Nikki Beach.
In 2020, Expedia ranked Cape Verde in the Top 10 destinations, and this huge increase in demand for quality accommodation indicates excellent rental potential for property in Cape Verde.