Revived interest from UK buyers in Cape Verde signals upturn is underway

The Cape Verde Islands, an archipelago of nine islands in the Atlantic Ocean, lying like a necklace 300 miles off the west coast of Africa, is one of the most talked about new property markets for many a long year.

Hailed as the new Caribbean – but considerably closer to the UK, being approximately six hours by plane rather than ten to the Caribbean – because of its white, palm-fringed sand beaches and tropical year-round 23C temperatures, new build developments are beginning to appear on its horizons.

The warm African waters are provide swimmers with miles of spectacular coral reefs and present fantastic opportunities for diving, swimming with dolphins and turtles and for whale watching as well as the more usual array of water sport activities. After dark is when the fun really starts on the islands, with a variety of great entertainment including good quality restaurants, bars, nightclubs, live musical events, festivals and carnivals.

A steady rise

Cape Verde has survived the property slump that has hurt so many overseas investment markets. Buyer confidence in the paradise archipelago is returning, according to estate agent Noscasa.

Santa Maria Beach, Sal Island

While smaller, less experienced agents on the islands failed to stay afloat during the choppy seas of the global financial crash, Noscasa has continued to do business as usual and is now seeing a steady rise in activity from UK buyers looking for an affordable property in Europe’s most easily accessible tropical destination.

“Following a period of intense activity in 2006/7, the booming property market of Cape Verde was unquestionably hit by the economic crisis in 2008, but the effects were not as severe as in other countries,” says Noscasa MD Paul Akwei.

“Because the market was not as over-inflated before the credit crunch it has not had so far to correct and values for both sellers and buyers are even more realistic.

“Prices are now settling at a level that is low enough to attract buyers but high enough to encourage sellers back into the market. We are very optimistic for the future and believe that Cape Verde is one overseas destination that will continue to develop without any lasting damage.”

Buyers keeping the market afloat during difficult times have been savvy investors looking for distressed sales, retirees who were not prepared to let the financial crisis deter them from finding an ideal retirement home, and wealthy individuals looking for the right property in the right location no matter what the price.

But as the economy slowly picks up it’s more of a general buyer’s market and cash purchases will obviously mean more bargaining power.

Holidaymakers and investors

Sal Island, with its endless pristine beaches and home to Cape Verde’s international airport, remains the main attraction for both tourists and property investors, with lush mountainous Sao Vicente and capital island Santiago also drawing both holidaymakers and investors to their shores.

An example of a highly affordable holiday home investment is a one-bed apartment at the Verde Cara development on Sao Vicente, selling for just €55,000, with fabulous views over the beautiful beach of Mindelo Bay.

Salinas Beach Resort, Maio

Just a few steps away from the beach of Sal’s small but buzzing town Santa Maria is the luxurious Porto Antigo development where brand new one bed apartments are selling for €99,000. Or for reduced price re-sales, the Djadsal Moradias development has two-bed furnished apartments from just €75,000.

At the high end, buyers need to look at the completed 5-star Bazamore Residence development where there are two available penthouses or the off-plan Cine Cize development. Managed by Noscasa, they promise unparalleled services to owners wanting a stress free holiday home.

“Before the financial crisis Cape Verde was Europe’s closest tropical destination with a constant climate, direct flights from the UK, a stable economy pegged to the euro, investor-friendly government policy and a vibrant culture – and nothing has changed,” says Akwei.

“Those are just some of the reasons why Cape Verde developed as a highly desirable overseas property investment market and that’s why it will recover and return to health so much quicker than many other destinations.”

Noscasa has offices on Sal, Sao Vicente and Santiago with another due to open soon on Boavista and offers the best selected range of properties across the whole collection of islands. Alongside property sales, Noscasa’s services include long and short term rentals, property management, land sales & consultancy and facilities management, a department which is set to expand greatly over the coming months.

General enquiries: capeverde@noscasacv.com or on-line at www.noscasacv.com. Alternatively, call: 02921 252629

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Philippines golf resort tees off for investors

A new golf apartment-hotel development, Continent Fairways, has been launched on the island of Boracay, a popular tourist destination in the Philippines.

John Scott, finance director at Asset Property Brokers, the investment property specialist promoting the resort, said: “The beautiful island of Boracay is a major attraction for tourists. Combined with the appeal of a world-class golf course and facilities, this provides even more of a draw, resulting in high yields for investors.”

Located within the grounds of the Championship Fairways and Bluewater golf course, the resort will offer 56 units, comprising studio and two-bedroom apartments, at prices starting at $110,035 (£66,836) and guaranteed yields of up to 14.2 per cent.

Boracay white sand beaches

Each apartment will have high-quality luxury fittings with guests having access to many luxury facilities, including a fully-equipped fitness centre along with spa/Jacuzzi, in addition to this the resort boasts a clubhouse with bar and cocktail lounge and restaurant for lunches and evening meals.

Continent Fairways golf development

For those looking for more adventurous excursions there is horseback riding on the beach, and various water sports. Long-term bookings from major travel companies have been secured by the management company which enable it to offer occupancy rates of 80 per cent, underpinning yields for investors. The development will be run by the Continent Group.

Unit owners will benefit from a free-stay period at their property. As corporate members, they are also able to enjoy use of the 18-hole par 72 golf course and the club facilities. Up to 50 per cent developer financing is available on the purchase price.

Yahoo Travel’s Most Popular Beach

Just an hour’s flight time from Manila, Boracay has extensive powder white sand beaches, clear azure seas and shady palm trees that are perfect for relaxation. The island has also much to offer the active tourist, such as coral reef scuba diving and wind surfing, while the nightlife has something for everyone, from peaceful restaurants to vibrant bars and clubs. Boracay was ranked as the world’s number one beach destination in Yahoo Travel’s Most Popular Beach in 2007.

Over the first quarter of 2009 tourist arrivals to the Philippines rose by a staggering 51 percent to 1.3 million people compared to 858,244 during the same period last year, according to the Philippines Department of Tourism (PDoT).

Call: 01373 888112 for more information or go on line at http://www.assetpropertybrokers.com