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Cape Verde: Cape Verde – An Exciting Gem - Paul Akwei, Nôscasa

An exciting gem

Cape Verde has come a long way since being classified among the world’s least developed countries by the UN back in 1971. Among the problems that these islands have been facing compared to the more established overseas property markets are: poorer infrastructure, a reluctant service sector and even the islands’ struggle to provide enough fresh water across all new developments.

But since 1971 there has been a lot of action taken to tackle the various problems like these. Cape Verde is one of the biggest receivers of foreign aid in the world, acquiring help from outside agencies such as the European Union (EU) and the International Monetary Fund (IMF). According to the World Bank the financial aid has been used primarily to fund infrastructure developments and expand the service sector. The islands have also been internationally recognised for the way they have managed this inflow of funds, and worked hard to help reduce domestic debt and build up strong reserves to absorb economic shocks.

Still Cape Verde has not been immune to the global property market downturn, the property market though hasn’t been hit as badly as other places like Spain, in fact, prices have been stabilised and the market got a much-needed shake out which has allowed the best developers and the best agents to survive and stand out.

I moved to Cape Verde back in 2006 and formed Nôscasa in order take advantage of the property boom during 2006/7. Cape Verde is a popular destination to visit due to its idyllic beaches and remote, unspoilt island ‘getaways’. It’s easy to get your hands on almost whatever you are after at the moment, be it a secure rental property or a stunning front line villa. People investing in Cape Verde are mostly in it for the long term and realise that their investment will mature as the infrastructure in the islands improve. If you were to visit now you would undoubtedly see lots of positive changes and improvements. The streets are much cleaner for one and building work has continued throughout the recession.

The Cape Verde government has set the development of its tourism sector as its key priority and has been focusing on attracting foreign investors and visitors to the islands and they do this via various tax breaks and other means. Cape Verde relies on foreign tourism to keep the economy afloat and because of this it is actively marketed as an affordable destination and Europe’s closest tropical islands with an average flight time from the UK of just 5.5 hours.

With more direct flights from the UK to Cape Verde, through the international airports of Sal, Boa Vista, Sao Vicente and Santiago including direct services from the UK, the Islands are becoming more approachable to UK visitors. According to the government’s tourism department, the number of tourist arrivals are increasing at an annual rate of 22%, and projections suggest that by 2015, around one million tourists will be visiting the islands every year.

There is lots to explore about Cape Verde. I hope you will enjoy sharing my passion in this space over the next few months.

Paul Akwei

Paul Akwei first visited Cape Verde from the UK in 2004. Drawn by its beauty, he conducted a thorough research of the Islands and was so convinced by his findings that he moved to Sal to enjoy the relaxed lifestyle in the sun and started Noscasa. Since January Noscasa has advised, placed and managed investment for many satisfied clients and investment groups.

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