Property / Real Estate
Invest in Cape Verde
Cape Verde is officially among the ten best investment destinations in the world. Above all, there is still an increasing demand for real estate on the archipelago. In regards to transport, some large investors have also signalled their interest. A word of caution: Due to the many regulatory obstacles that are inherent in this industry, it may take quite a while to generate a return on investment here.
The First Investors
The first run on local buildings and land was by English citizens speculating that good investments could be made in Sal, Boa Vista, Maio, Santiago and São Vicente – and they were right.
In the years around 2004, the prices for land, buildings and apartments were still very low. This was due to both the poor structural condition and the region’s lacking infrastructure.
After a continuous flow of government funds and monies from large private investors into infrastructure projects, prices for real estate have now quadrupled in comparison to 2004. The first wave of reselling has already allowed early investors to book profits in the millions.
Buying Real Estate Today
Nevertheless, real estate prices on Cape Verde are significantly lower in comparison to other attractive tourist destinations. The price of a property, house or hotel complex averages about one-third of what you would pay on the Canary Islands – and you would receive what is now a decent building substance and the good infrastructure of the region. “Bargains” are still to be had in some places. However, they are difficult to find on Sal or Boa Vista, the islands with the best infrastructure and international airports.
As a reference point, a small house with land can still be found for less than 50,000 euros. Depending on the island, you can definitely buy decent properties in some places for 100,000 euros. While you would only get an apartment on the boom islands of Maio, Sal or Boa Vista, you could even find a small house with an area of about 100m2, an ocean view and a garden of about 200m2 on Santo Antão for that price.