Cape Verde

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louie

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am thinking strongly of buying 2 bed apt in sal (aquapark)has anyone bought there,what,s it like
 
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Natural hazards: prolonged droughts; seasonal harmattan wind produces obscuring dust; volcanically and seismically active

Economy - overview: This island economy suffers from a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought. The economy is service-oriented, with commerce, transport, tourism, and public services accounting for 66% of GDP. Although nearly 70% of the population lives in rural areas, the share of agriculture in GDP in 2004 was only 12%, of which fishing accounted for 1.5%. About 82% of food must be imported. The fishing potential, mostly lobster and tuna, is not fully exploited. Cape Verde annually runs a high trade deficit, financed by foreign aid and remittances from emigrants; remittances supplement GDP by more than 20%. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy. Future prospects depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the government's development program.
 
louie said:
am thinking strongly of buying 2 bed apt in sal (aquapark)has anyone bought there,what,s it like
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Be sure that Cape Verde is for you. It needs a lot more looking into that other areas. I dont know who is building Aquapark but check them out. Take a look and find out what they have built before and how big they are. There are a lot of bad builders out they as we speak, land is cheap they are building first and getting planning tommorow if you know what i mean. If you are looking to buy in CV you need cash. Property is cheap but it is a cash buyers market. You cant mortgage there, if anyone tells you you can they are wrong. SO if an apartment is say 50 grand you need this in the bank, you cant pay say 20% and hope to get an 80% mortgage in CV. CV will be great in my opinion but it needs a year or two to weed out the rubbish projects and start to get some quality over there.
 
It,s being built by an italian company called turinvest holdings,dont know much about them. Was going to fund the purchase through equity release in my home and some cash but decided earlier today to withdraw from the deal. Will look at cape verde again next summer ,will be interesting to see what property is going for next year. thx everyone for your input much appreciated!!!
 
louie said:
Will look at cape verde again next summer ,will be interesting to see what property is going for next year. thx everyone for your input much appreciated!!!
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Louie, When you look at property next year, bear in mind that the price that developers are selling new builds for is not necessarily an indication that the resale value of 2nd hand property has increased.
 
The Sunday Times recently described Cape Verde as 'being as appealing as a disused Nuclear test site'.
 
louie said:
am thinking strongly of buying 2 bed apt in sal (aquapark)has anyone bought there,what,s it like
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Hi Louie. I have been doing a lot of research into Sal in Cape Verde. I started by posting to another thread here and was amazed by the rubbish comments I got back. People with no imagination who will never take the chance of buying abroad anywhere, I expect. Here is what I have discovered:

Pros:
  1. 365 days of sun per annum (22-30 C) with cool breezes. Sub-Tropical Climate. Little seasonality. Tends to be a bit too humid in August and 1/2 September.
  2. Stable democratic government, no social "troubles", Mostly Catholic citizens of mixed European/African who look very like Brazilians.
  3. It's just getting going - Golf courses, Casinos... to follow soon. Some major companies like shell relocating African offices to the islands. (I have been told)
  4. Capital appreciation of 15%, maybe more.
  5. Direct flights from Dublin and Gatwick before 2007.
  6. The most amazing white sandy beaches to the south of Sal.
  7. Excellent Airport in Sal. 15/20 minutes to any part of the island.
  8. Excellent game fishing and water sports.
  9. They accept Euro almost everywhere, change may be given back in C.V. Escudo
  10. No high rise... not permitted
  11. Strong tourist potential, already popular with the Italians and Portugese. It also has potential to get tourists who might normally holiday in the Carribean, even those from America north and south. Companies like Budget travel have already done deals with management companies in some developments to let apartments.
Cons:
  1. It's a very flat barren country. Away from the beaches there is little to do at the moment. Visit a salt mine maybe.
  2. Its 5.5 hours direct from Dublin.
  3. There is no Double Taxation agreement in place between Ireland and CV.
  4. Your payments to builders are staged and not bonded or gauranteed, however there are some large international and reputable developers out there and one is a semi-state.
  5. Can be difficult to get a mortgage, but not impossible.
  6. Flights look set to cost € 599 return p.p. from dublin.
P.S. Google Earth is a great way to view the island. Just type in Sal.
 
liamwoods said:
People with no imagination who will never take the chance of buying abroad I expect. Here is what I have discovered
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That's just it when I invest in anything I'm not in it on the basis of chance, I'm doing it because I think it will give me a near guaranteed return over the medium to long term. When I feel like partaking in chance I go to the bookies.
 
daveirl said:
That's just it when I invest in anything I'm not in it on the basis of chance, I'm doing it because I think it will give me a near guaranteed return over the medium to long term. When I feel like partaking in chance I go to the bookies.
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Well thats great, you can look forward to your 4 and 5% returns per annum (if even). Unless of course you get lucky at the bookies.

Some interesting lines from http://en.wikipedia.org/wiki/Risk#Risk_in_business

"A fundamental idea in finance is the relationship between risk and return. The greater the amount of risk that an investor is willing to take on, the greater the potential return. The reason for this is that investors need to be compensated for taking on additional risk".

Gambling: Increasing measurable risk and exposing the investor to catastrophic loss in pursuit of very high windfalls that increase expected value.

Here is a good link: [broken link removed]
and another: [broken link removed]
 
Hi 892896, could you direct us to the particular quote in a Sunday Times i cant seem to locate it .
 
found this for me.
Worst: overhyped destinations
There’s nothing wrong with exploring new places — it’s what travel’s all about — but in their hunger for novelty, some glossy mags and posh tour operators are starting to border on the mendacious. Classic case: the Cape Verde islands. Talk of direct UK flights has tipped the PR machine into overdrive and, from the blurbs, you’d think these were the Maldives. They ain’t. Sal island, for instance — “Known for its white-sand beaches” — is also flat, barren and bleak as a nuclear-test site.
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Maybe that white sand is actually just residue from the salt mines.

Does anyone know anyone who's actually been to Cape Verde?
 
Close friend visited and bought a beach front appartment there this year. She said that Sal is just like how the Canaries would look with far less development on it and that the Goverrnment's strategy is for low density low level development. The climate is steady all year round 25 to 28 degrees and the area is environmentally rich but it is a punt on the Government and investors getting it right.

Sal is just the starting point I'd say and other islands will come on the scene. These include some that are evidently green and mountainous whereas Sal is not but it has the airport etc. There are now direct flights from the UK and direct flights from Ireland are to commence next year I'm told. Cape Verde sounds to me like a higher risk "green field" holiday destination but if it catches on among the second generation of buyers like the Germans, Swedes etc the capital appreciation could compensate. It would not interest me as a punt but if I wanted a holiday home in the sun for myself I'd definitely give it a full airing.
 
That old chestnut again, the article was in relation to travel writers best and worst things in 2005. Read the whole article, and, each to their own, i personally dont like Euro star, as one writer gave it Number one and as for Stephen Bleaches best, getting Drunk and then sitting in a helicopter,in any part of the world, is not my idea of fun,
 
Wilkes, did your friend go to Cape Verde to have a look at the place when she was buying her apartment?

What UK airports are serving Cape Verde?
 
Flights out of Heathrow and Gatwick direct to Sal . If you go let us know, it seems like a nice spot.
 
My main point was if your friend visited before she bought? If not then that is unwise in the extreme, IMHO.

Have to say that I had a look at Cape Verde on Google Earth and then on the wikipedia directory (pictures included) and was extrememly non-plused.

Assuming you went there on holiday I'd say you'd be bored stupid within the week. It is very desolate in the extreme.

There are much nicer african destinations.
 
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