Are you looking to sell your property in Cape Verde fast for a good price? Things are changing in Africa, the continent is no longer as poor or desperate as it is used to be, and nowhere is this more evident than in Cape Verde. 2022 was a record year for investment from Europe, Scandinavia, Africa and the US and things look set to continue in 2023.
Jutting up from the Atlantic, some 311 miles (500km) west of Senegal, Cabo Verde is a stunning island chain with a captivating blend of mountains, beaches, and peaceful seaside villages. On Santo Antão, craggy peaks hide piercing green valleys of flowers and sugar cane, ideal for epic hikes.
Cape Verde is a former colony of Portugal and is an archipelago of 10 islands. The economy here has proven itself to be very resilient and was not really affected by the global economic crisis of 2008. It has maintained a steady economic growth of around 6% to 7% a year, which is very good news indeed.
Cape Verde is a country with a low crime rate and a low inflation. It is a rare country in Africa in the sense that it has been able to meet all of the UN’s Millennium Development Goals. That is impressive! However, poverty remains a problem here, especially in the rural parts of the archipelago.
Despite the poverty, things look positive in general for this archipelago. It has the most stable democracy in Africa and is a member of the World Trade Organisation. The property laws here are friendly towards buyers and are basically the same as those in Portugal. A top US think tank was evocative about Cape Verde’s property rights, which they stated, “are strongly protected by the rule of law in comparison to other countries in the region.”
Investors are eager to buy property in Cape Verde online and among the 10 islands of the archipelago the most popular has been Sal. Sal is a tiny deserted island that once used to have important salt mines. Now, tourism is the mainstay of the economy here.
Tourism in Cape Verde in general has been thriving. Foreign investors are very enthusiastic about the potential for good money to be made from owning rental properties in Cape Verde.
The rental yields here are very high, and since there is always a steady flow of foreign tourists, the properties are almost always occupied. It also helps that the archipelago has a picture-perfect climate for over 300 days a year.
The best properties in Cape Verde are located in the resorts. Some of the players in this segment such as Meliá Hotels International have been doing a roaring business.
What’s really impressive about the property market here is that the government has for the most part avoided overdevelopment. They have worked hard to maintain the biodiversity of all the islands and have not allowed too much real estate activity or construction.
The Cape Verde government has enforced strict legislation to ensure that the island only has low-level or low-density real estate projects with an emphasis on protecting the look and feel of the islands. They have restricted the number of properties that can be built here.
This is certainly a good thing and what it does is push up property prices even more. The demand for properties in the archipelago is much greater than the supply of the housing stock – which is always good for long-term investors in real estate.